Apple's stocks, just like some of the company's iconic products, are now selling at a bargain price. Throughout Wednesday trading, the Cupertino giant's shares pummeled by as much as 3.4 percent to $93.42 during early morning trading, nearing a 52-week low, according to SFist News.
Though the company's shares recovered a few points during the day, the lows still held, closing up the day's trading at $96.79 a share. The price is already close to Apple's extreme $92 low last August during a market malfunction.
Being one of the most prominent stocks in the market, drops in the tech giant's shares usually correspond to massive losses in investors' funds. As of date, the 30-percent drop of the stock from its high as practically erased about $224 billion in investors' wealth, reported USA Today.
Such an amount already exceeds the market value of most stocks in the Standard and Poor's 500. Thus, with the trends in the company's shares, Apple has gone from being a favorite to the very poster child of the market's overvaluation.
A primary driver for the company's decline is the relatively poor sales of Apple's latest flagships, the iPhone 6S and 6S Plus, whose sales have been weakened by the very phones that preceded it, the iPhone 6 and 6 Plus, according to Investor Place News.
Since Apple thrives on the sale of its iPhone models, the fact that customers are opting for the older, yet lower-priced models are hurting the company. Apple analyst Gene Munster of Piper Jaffray, for one, stated that sales of the current flagships might go as low as 50 million this year.
In contrast, the iPhone 6 and 6 Plus models sold about 75 million last year.
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