Apple has done well this week, with Tuesday giving its stocks a considerable boost. We should, however, state that it is not only Apple that has been performing so well. Other stock market leaders have also been excelling. Investors have been buying shares in Apple due to recent developments.
Apple’s relative strength rating had an upgrade this Monday, going up to 83 from 80. This was an indicator that it had been outperforming 83% of stocks in the market for the past year. This further increased to 85 following investor reactions on Tuesday, with Apple’s stock increasing by 2%. This new rating is fantastic news for the company, indicating a bright future. Companies with stocks of ratings 80 or higher usually make considerable gains, and more traders may want to buy Apple stock.
One of the investors has been famous investor guru Warren Buffet. He has stated his support for the company in the past as a major leader in tech. He has so much faith in the company, in fact, that it takes up the largest portion of investments from Berkshire Hathaway, his own investment company.
Is It a Good Time to Buy Apple Stocks?
Overall, the year has been great for Apple stock. Tech has overall been doing well this year. Apple has had an exceptionally good time, however. The stock rose 60% to its height this year, going to 198 in July, up from 124 at the start of the year. So, investors have been buying shares in Apple desperately. There has been a slight pushback after this, however, but the stock is still performing well. This was in line with many other stocks in the market. After the recent breakout following the news, however, the stock has reached 184 by now.
There is a bit more concern when it comes to the company’s profits. Their stocks’ phenomenal growth does not necessarily reflect their performance in terms of earnings. Their earnings grew to 5% in the last quarter, at least higher than the 0% in the previous quarter. A good performance, to be sure, but not as explosive as the stock performance. We shall see how this all affects Apple stock forum discussions.
