Apple (AAPL) Stock Up as Watch Band Sales Rise

NEW YORK (TheStreet) -- Shares of Apple Inc. (AAPL) are higher by 0.49% to $127.93 in mid-afternoon trading on Thursday, following reports that the tech giant is seeing strong sales of its Apple Watch band.

Almost 20% of consumers that buy an Apple Watch are also springing for an extra watch band allowing the iPhone maker to reach further into customers' wallets, Reuters reports.

Apple has not yet released data showing how many units of the watch it has sold or how profitable the device has been, Reuters noted.

Slice researches email receipts from a panel of 2 million people which represents online shoppers in the U.S. Over 20,000 of those people purchased an Apple Watch.

Slice issued data to Reuters in which it analyzed only bands made by Apple. The results showed about 17% of shoppers acquired more than one band.

With the spare bands growing in popularity, Reuters points out that this suggests consumers are ending up spending more on the Apple Watch than previously intended.

The watch's entry level sports band retails for $49, while costing only around $2.05 to make, Reuters added. 

"It's just a psychological thing. I start with the least investment, and then I spend more money, but I get something else," Carolina Milanesi, chief of research and head of U.S. business at the consumer research firm Kantar Worldpanel ComTech told Reuters.

Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

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