The impending release of the iPhone 6 has caused the popularity of Apple's stock to surge as closely watched hedge funds managers "feasted" on the stock. According to Forbes, analysts had observed an increase in the demand for Apple stock.
Phillip Laffont's Coatue Management hedge fund previously held a smaller stake in Apple but it increased to 10.1 million shares sometime in April. The increase has made Apple stock the biggest in Coatue's portfolio based on a recent Securities and Exchange Commission filing.
Billionaire Robert Cittrone's Discovery Capital Management has also recently bought 6.6 million Apple shares in the second quarter. Reports said Apple had become his biggest stock portfolio.
The mandatory disclosure of stock portfolio holdings has allowed analysts to compare how portfolios have changed compared to the last filing. According to reports, Apple shares rose by 21 per cent between the end of March and the end of June.
Forbes reported that other popular hedge fund managers like Omega Advisors have increased their stake in Apple as well.
RBC Capital Markets analysts have remained bullish on Apple ahead of its iPhone 6 September 9 launch. Shares continue to climb upward as analysts remain optimistic of the company's future because of the heavily anticipated release of the iPhone 6.
RBC analyst Amit Daryanani has estimated Apple Inc to sell 56 million iPhones in the December quarter but the amount is a conservative number since he suggested that a successful launch could result in a shipment of 70 million iPhone units.
However, the analyst said his conservative estimate is reportedly based on data from Apple's suppliers. He believes the iPhone 6 will come in two sizes, 4.7 inches and 5.5 inches. Apple had allegedly instructed its suppliers to make 60 million units by the end of the year.
He also predicted the company to sell 10 million iPhone 6 units during the weekend launch. The figure is expected to hit 15 million after the September quarter.
With several concept designs and rumours about the iPhone 6 making the rounds in the Internet, Apple fans and investors are expected to closely watch the unfolding of events on Sept. 9.