Several hedge funds that used to be promoting Apple’s stock as some of the best assets in the US stock market now seem to have abandoned this idea, thereby turning their backs on the tech giant. In Q4 2012 they saw some losses caused by their holdings of Apple’s stock and decided to reduce their exposure to it. They sold major holdings of the stock estimated at billions of dollars.
For reference sake, Apples stock reached its al-time price high of $705,07 per share on September 21st 2012. However, in late 2012 it depreciated by 24% as investors turned nervous because of tougher competition in the industry along with numerous paten clashes with other tech giants.
On Thursday, NASDAQ saw Apple’s stock depreciating by 42 cents or 0.1% down to $466,59 per share.
The chart below, courtesy of , reflects the current state of affairs in the market of APPL:
