The consumer tech giant split its stock into seven at the close of business Friday. After trading just under $650, shares opened today at $91.75. Investors responded by snapping up shares at the post split price. The stock had climbed more than a percent by noon.
$AAPL Bought more. Looks like retail is piling in after the split...? Pax (@drpax) Jun. 9 at 01:07 PM
But is Apple a buy at current levels? If the company's value is climbing solely because of the ability of retail investors to buy more shares than the rise could prove short-lived, say investors on StockTwits.com. However, if enthusiasm for recently unveiled software and rumored products are driving the share price higher, then the gains are likely sustainable and could grow.
Betting on the psychological quirks of retail investors is not a long-term strategy, say many investors. After all, it's not as though Apple will sell more devices because mom and pop investors feel better about owning say, a hundred shares worth $9,327, than fourteen shares worth the same amount.
No position. I will LMAO if reports show the likes of Ichan and other larger $AAPL stake holders having sold/trimmed over this 2 week span