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Apple Inc Acquired Autonomous-Driving Startup Drive.ai

Apple stock went down -1.52% to finally closed at $195.57 in last active session.

On Tuesday, Apple Inc has acquired autonomous-driving startup Drive.ai, according to multiple reports. Apple Inc. also confirmed deal to both Axios and San Francisco Chronicle. Drive.ai startup was once valued at around $200 million, and it will terminate its operations on Friday, according to the Chronicle report.

AAPL stock distance from 20 day simple moving average is 5.75% and distance from 50-Day simple moving average is 2.22%.

Analyst’s mean target price for AAPL stock is $210.89 while analysts mean recommendation is 2.20. Stock value has moved between $141.84 – 233.62 in last one year. Apple Stock has got OUTPERFORM rating from 8 of Thomson Reuters analysts, 18 given HOLD rating to the Apple stock and 2 given UNDERPERFORM rating. Analyst’s mean target price for AAPL share price is $210.89 while analysts mean recommendation is 2.20.

Apple Inc. (NASDAQ:AAPL) yearly performance is 7.07% and net profit margin is 22.10%. Annual EPS Growth of past 5 years is 16.50%. The current share price indicates that stock is -14.94% away from its one year high and is moving 39.85% ahead of its 52-week low.

Apple has also hired dozens of hardware and software engineers who worked at Drive.ai, Axios said, but according to the legal filing with state of California, it revealed that 90 employees would be laid off. Drive.ai startup had offices in Texas and California. At which price Apple Inc purchase it, was not disclosed.

Earlier this month, the deal was in the works, and the potential deal could signal a renewed driverless-car push by Apple Inc. CNBC also reported about 190 workers in Apple’s autonomous-car unit, earlier this year, mostly  the hardware and software engineers had been recently laid off.

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