Apple Stock Scores Record High as WWDC Buzz Builds

Apple stock has been on a tear all year

Fernanda Horner

Digital Content Manager

Jun 5, 2023 at 11:15 AM

META
AAPL

Apple Inc (NASDAQ:AAPL) is up 1.4% to trade at $183.51 at last check, and earlier hit a record high of $183.80, as the tech giant's Worldwide Developers Conference kicks off in California. The company is expected to announce several software upgrades, in addition to a mixed-reality headset that will compete with Meta Platform's (META) technology.

Support at their 20-day moving average has been guiding shares higher for the past several months. With today's gain, Apple stock is now up 39.3% so far in 2023, and on track for its seventh gain in eight trading sessions.

While most analysts rate AAPL a "buy" or better, the stock's 12-month consensus target price of $181.69 is a 1% discount to current levels, which indicates price-target hikes could be coming sooner rather than later.

Options bulls are not missing their opportunity to chime in, with 477,000 calls across the tape so far -- triple the intraday average volume -- compared to 151,000 puts. The most popular contract is the weekly 6/9 185-strike call, with new positions being bought to open.

Those looking to speculate with options are in luck. Apple stock is seeing attractively priced premiums at the moment, per its Schaeffer's Volatility Index (SVI) of 23%, which sits in the relatively low 17th percentile of its annual range.

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