By
Godfrey Benjamin
April 23rd, 2024
Apple stock has gained approximately 22.5%, 7%, and 3.61% in the past year, YTD, and three months respectively through Tuesday.
Apple Inc (NASDAQ: AAPL) stock traded around $142.96, up approximately 1% during today’s premarket. AAPL stock, however, closed yesterday trading at $141.92, down 2.38% from the day’s opening price. As it is one of the largest publicly traded smartphone manufacturers in the world, its stock market is heavily scrutinized by analysts all over the world. According to a report by Nikkei Asia, the Apple iPhone 13 series is expected to experience a few weeks of delay before reaching customers’ hands.
The delay has been caused by a new wave of Covid-19 infection cases that have struck Vietnam, which is a major supplier of components for the device’s new camera module.
Reportedly, the disruptions are expected to ease mid-October, when Apple customers who had pre-ordered iPhone 13 series could get. Analysts at JPMorgan and Credit Suisse said Apple customers from all over the world will have to wait for more than four weeks for the iPhone 13 Pro and Pro Max and about 2 weeks for the base iPhone 13.
“While admittedly part of the expansion in the lead times is on account of the supply chain constraints, we still find the material increase in the lead time in Week 2 relative to Week 1 as an indicator of the robust demand for upgrades, likely exceeding low investor expectations into the launch,” JPMorgan analyst Samik Chatterjee said.
However, the company’s global partners have cited high demand for the iPhone 13 products as the main reason for the sustained delays. Consequently, some customers have opted to cancel their orders as the delay time became unbearable.
Apple Stock amid iPhone 13 Suppluy Delays
Apple stock has gained approximately 22.5%, 7%, and 3.61% in the past year, YTD, and three months respectively through Tuesday, according to market analytics provided by MarketWatch. Similar gains have been realized by major US stock indexes including Dow Jones and S&P 500. During the same period, Dow has gained 24%, and 12% in the past year and YTD respectively, while the S&P 500 index has gained approximately 30%, and 16% in the past year and YTD respectively.
The company has a reported market valuation of approximately $2.4 trillion, one of the most valuable tech companies globally. In the past 52 weeks, AAPL shares have ranged between $107.32 and $157.26.
Having been rated 44 times, AAPL stock received an average of Over rating. An indication there are high probabilities of AAPL scaling higher in the coming quarters.