Source: Apple
What you need to know
- Apple has recorded a new all-time high share price.
- The share price jumped to $327.90 shortly after opening this morning.
- It also marks the full recovery from Apple's COVID-19 induced slide over the last few months.
Apple's share price has cracked a new all-time high of $327.90 this morning, marking a full recovery from its pre-coronavirus price of $327.20.
Yesterday, AAPL closed as $322.32, enjoying positive signs in after-hours trading, before a sharp opening jump this morning. 50 minutes or so after the open, the share price of AAPL jumped to almost $328, marking a new all-time high and also the full recovery of Apple's share price since the start of the pandemic.
Apple of course enjoyed a torrid start to 2019, advising that it would not meet its revenue guidance. Over the course of the following 12 months, Apple's share price rose and rose, topping out at $327 (and change) on February 12.
Just five days later, Apple advised that due to the evolving coronavirus pandemic, it would not meet its Q2 revenue guidance. Over the next four weeks, the share price fell to $224, wiping off much of the previous year's growth. Following a better-than-expected performance in its Q2 earnings call, Apple has since found itself on the road to recovery. This morning's peak marks the culmination of AAPL recovering all of its pre-COVID-19 value.
Following the sharp jump, the stock has leveled out at just over $326, up 1.21%
Recently, analysts have pushed their AAPL target share price to $340 citing strong App Store sales that may sustain beyond the pandemic. Looking even further ahead, Evercore ISI's Amit Daryanani predicts that over the next four years Apple will break a $2 trillion valuation.
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