New York (HedgeCo.net) – Apple is one of the most widely held stocks in the world, but that hasn’t kept the stock from falling with the rest of the market. From mid-July through mid-August, the stock fell over 30% to its low. The stock has since bounced back and has gained over 25% from its low.
That bounce back has to be welcoming news for hedge fund managers David Tepper, Barry Rosenstein and Philippe Laffont as all three initiated or added to bullish bets on Apple in the second quarter. A recent Forbes article stated that Tepper opened a new position in Apple in the second quarter with an investment of $315 million. Rosenstein is credited with purchasing $31 million worth of call options on Apple during the quarter and Laffont is listed as adding 860,000 shares to his existing position.
The overall sentiment toward Apple is pretty optimistic as 36 out of 49 analysts rate the stock as a “buy” while only one of them rates it as a “sell”. Another indicator that indicates investors are bullish toward the stock is the short interest ratio which is at paltry 1.05.