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How Much Did Apple Stock Fall Last Week?

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Apple shares fell 7.4% last week

Shares of consumer technology giant Apple (AAPL) fell 7.4% in the week ended March 23, 2018. The stock, however, recovered to rise 4.8% on March 26, 2018, and it’s now trading at $172.77, which is 24.6% above its 52-week low of $138.62 and 5.8% below its 52-week high of $172.77. Apple stock has generated a return of 17% in the trailing-12-month period and -6% in the past month after rising almost 49% in 2017. Since the start of 2018, Apple stock has risen just over 2% driven by market volatility.

Last week saw a 5.9% fall in the SPDR S&P 500 ETF (SPY), while the PowerShares QQQ Trust, Series 1 ETF (QQQ) fell 7.3%. However, SPY recovered 3% while QQQ rose over 3.5% on March 26, 2018.

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Apple trading at a discount to analysts’ median targets

The recent sell-off has meant that Apple is trading below analysts’ 12-month median price target estimate. Of the 40 analysts tracking Apple, 27 have recommended “buys,” 13 have recommended “holds,” and none have recommended “sells.”

Analysts have given Apple an average price target of $192.49 with a median target of $195. This target indicates that Apple is trading at a discount of 16% to its median target estimate.

According to a Bloomberg report, Apple could launch three smartphones later this year. One of the smartphones will be the company’s largest iPhone ever, according to the report. Apple will also release an upgraded version of the iPhone X and a less expensive version of the iPhone X that includes its key features.

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