Apple’s most recent stock weakness cost the tech giant its title of most valuable U.S. company in terms of market capitalization.
On Monday, Apple Inc. shares dropped 2.4 percent to about $420, giving the company a market capitalization — the total value of all available shares — of $394 billion. Shares of Exxon Mobil Corp. fell 0.5 percent to $88.95, but the oil giant still managed to overtake Apple with a market cap of $400.5 billion.
Apple fell as low as $419 to establish a 52-week low before closing slightly higher, and the company’s market cap sank lower than $400 billion for the first time since the company’s record-breaking holiday quarter at the end of 2011 first vaulted it to the title over Exxon.
Analysts still believe Apple will rebound, with 54 analysts tracked by MarketWatch offering an average price target of $619.14.
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