Shark Tank star thinks it could be the right time to invest in Apple | Cult of Mac

Shark Tank star thinks it could be the right time to invest in Apple


Kevin O'Leary previously sold off his AAPL shares due to iPhone concerns.
Photo: CNBC

Apple stock is down right now — and if you’re a potential investor looking to dive in, that’s good news.

At least, that’s according to Shark Tank star and chairman of O’Shares ETF Investments, Kevin O’Leary. In a new interview, O’Leary notes how, “Apple is getting cheap again.” Despite previously selling off his Apple stock due to the iPhone decline, O’Leary now says he’s tempted to invest again.

“The company makes a lot of money — it’s just where will the growth engine be?” he told Yahoo. “If Apple goes down into the low $140s or into $130s, that’s when I’ll be re-establishing my position again, and it’s not far to get there.”

Heading into Apple’s earnings call today, the stock is trading at $157.42. It is up slightly from its low of $142 in January, after Tim Cook issued revised guidance based on weak iPhone sales. However, it is trending considerably down from the high of $232.07 back in early October, following Apple reaching the vaunted $1 trillion valuation.

O’Leary said that he sold his Apple stock in early November, after Apple revealed that it would no longer provide iPhone unit sales. “I don’t own it anymore and I’ll tell you why: transparency,” O’Leary told CNBC’s Fast Money Halftime Report that month. “What do you mean you’re not talking about unit sales … If I don’t know how many you’re selling, I don’t know anything about you anymore.”

Since he sold, Apple’s stock is down approximately $52 a share. It seems that he may be reconsidering his decision to stay out of the stock, though. With plenty of potential upside — not least from Apple’s booming Services division — this could wind up being a great time to spend, spend, spend on AAPL.

Source: Yahoo