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Apple (NASDAQ:AAPL) was the target of some unusual options trading activity on Wednesday. Investors acquired 702,048 put options on the stock, reports. This represents an increase of 255% compared to the average daily volume of 197,738 put options.

AAPL has been the subject of a number of recent research reports. Analysts at Pacific Crest downgraded shares of Apple to an “outperform” rating in a research note on Wednesday. They now have a $99.64 price target on the stock. Separately, analysts at Oppenheimer initiated coverage on shares of Apple in a research note on Wednesday. They set a “market perform” rating on the stock. Finally, analysts at Nomura raised their price target on shares of Apple from $95.00 to $104.00 in a research note on Tuesday. They now have a “neutral” rating on the stock. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and thirty-four have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $102.62.

Apple (NASDAQ:AAPL) traded down 4.22% on Wednesday, hitting $98.94. 125,209,200 shares of the company’s stock traded hands. Apple has a 52-week low of $63.8886 and a 52-week high of $103.74. The stock’s 50-day moving average is $97.70 and its 200-day moving average is $86.98. The company has a market cap of $592.4 billion and a price-to-earnings ratio of 16.66.

Apple (NASDAQ:AAPL) last released its earnings data on Tuesday, July 22nd. The company reported $1.28 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.22 by $0.06. The company had revenue of $37.43 billion for the quarter, compared to the consensus estimate of $37.80 billion. During the same quarter last year, the company posted $7.47 earnings per share. Apple’s revenue was up 6.0% compared to the same quarter last year. Analysts expect that Apple will post $6.33 EPS for the current fiscal year.

Apple Inc (NASDAQ:AAPL) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications.

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