Apple Inc. (NASDAQ:AAPL) is one of those companies that thrives on rumors. Whether it be features for their latest iPhone, speculation of production cuts, or bogus photos depicting a future device, these rumors oftentimes turn out to be nothing more than one fan or investor’s tactis to drum up interest in the company. Today there is some actual factual evidence that was discover that may add fuel to the rumor of a future Apple Car.
Apple Inc. (NASDAQ:AAPL) has registered the domain names Apple.car, Apple.auto, and Apple.cars. These new domains were registered in December, and these particlular tld’s cost a couple thousand dollars each to purchase. This would seemingly point to Apple serioiusly considering the idea of their own automobile, a rumor that has continued to grow over the past year. Some rumors have the company working on releasing electric vehicles by the year 2020. Again these are all just rumors though, and we know how Apple rumors can certainly get out of hand.
What if Apple Inc. (NASDAQ:AAPL) did begin manufacturing their cars? Would an Apple Car sell well? One would think that the vehicles would sell like hot cakes on the name brand itself. Add in the potential of iPhone, iPad and other iDevice compatibility, and the possiblities are endless as to what the company could accomplish. With a huge amount of developers already on board with iOS, Apple could blow away their competitors when it comes to in-vehicle applications.
If Apple were to formally announce a project along the lines of an Apple Car, certainly investors would see this as a brand new revenue opportunity for a company which some believe is reaching its limits as far as mobile devices go. Opening up a whole new market could be the best thing that could happened to Apple since Steve Jobs was rehired.
The stock is up 1.29% or $1.25 following the news, hitting $97.7 per share. About 25.52 million shares traded hands. AAPL has declined 25.44% since June 4, 2015 and is downtrending. It has underperformed the S&P500 by 19.58%.
From a total of 30 analysts covering Apple Inc. (NASDAQ:AAPL) stock, 26 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 87% of the ratings are positive. The highest target price is $200 while the lowest target price is $102. The mean of all analyst targets is $146.21 which is 49.65% above today’s ($97.7) stock price. Apple Inc. was the topic of 98 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on January 7 with a “Outperform” rating. Barclays Capital maintained shares with a”Overweight” rating and a $150 target share price in their report from a December 14. Stifel Nicolaus maintained AAPL stock in a recent report from December 23 with a “Buy” rating. BMO Capital Markets initiated the rating on December 11. BMO Capital Markets has a “Outperform” rating and a $145 price target on shares. Finally, Cowen & Co maintained the stock with a “Market Perform” rating in a report they issued on a December 22.
The institutional sentiment increased to 1.18 in Q2 2015. It’s up 0.22, from 0.96 in 2015Q2. The ratio improved, as 103 funds sold all their Apple Inc. shares they owned while 854 reduced their positions. 102 funds bought stakes while 1032 increased their total positions. Institutions now own 3.20 billion shares which is 1.58% less than the previous share count of 3.25 billion in 2015Q2.
Compton Capital Management Inc Ri holds 45.15% of its total portfolio in Apple Inc., equating to 113,694 shares. Raiff Partners Inc owns 100,000 shares representing 32.27% of their total US portfolio. Moreover, Rfg Advisory Group Llc has 25.06% of their total portfolio invested in the company, equating to 70,558 shares. The New York-based Independent Investors Inc has a total of 23.66% of their portfolio invested in the stock. Dock Street Asset Management Inc, a Connecticut-based fund reported 269,584 shares owned.
Since March 6, 2015, the stock had 0 buys, and 7 insider sales for a total of $17.48 million in net activity. Maestri Luca sold 2,908 shares worth $325,347. Williams Jeffrey E sold 46,873 shares worth $5.18M. Riccio Daniel J. sold 24,085 shares worth $3.01M. Ahrendts Angela J sold 44,789 shares worth $5.90M. The insider Levinson Arthur D sold 70,000 shares worth $9.20M.
Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The company has a market cap of $531.86 billion. The Company’s services and products include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings. It has 10.62 P/E ratio. The Firm also delivers digital content and applications through the iTunes Store, App StoreSM, iBookstoreSM, and Mac App Store.