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Investor George Soros latest to snap up Apple stock as prices reach trough

Following Warren Buffett's surprise investment in Apple, it was recently revealed that billionaire investor George Soros took a position in the iPhone maker, buying up thousands of shares as company stock prices hover at their lowest point in years.

Soros' hedge fund, Soros Fund Management LLC, purchased 3,100 shares of Apple stock during the first quarter of 2016, a figure valued at $338,000, according to a U.S. Securities and Exchange Commission filing. The report comes after Buffett's Berkshire Hathaway disclosed a new $1.07 billion stake in Apple, purchased over the same period, that sent AAPL shares up two percent on Monday.

While minor in comparison to Buffett's massive outlay, Soros' vote of confidence is noteworthy given his high profile in the investment community. What's more, Soros chose to trim his investments in other large tech companies, like Facebook and Alphabet, by 50 percent or more in favor of Apple. 

Despite Apple's disappointing second quarter performance, David Einhorn of Greenlight Capital also increased his share by 23 percent to own 8.2 million Apple shares. All three investors - Buffet, Soros and Einhorn - are buying Apple stock while it trades at prices that are among the lowest seen in two years.

While Buffett and Soros haven't said much about their stake in Apple, Einhorn's relationship with the company has been contentious at times. The activist investor's Greenlight Capital went so far as to sue Apple for stockpiling cash back in 2013, which he considered detrimental for investors. He dropped his suit one month later.

The renewed interest in AAPL comes after hedge fund managers like Carl Icahn and David Tepper's Appaloosa Management abandoned their positions in the company. Icahn had been very critical of Apple's financial management decisions, but until recently viewed the stock as grossly undervalued. In 2015, for example, he targeted Apple shares at $240, which would have valued the company at $1.4 trillion.

Icahn started selling off his shares in 2015 but retained 45.8 million shares at the end of the year. By April, however, he dumped all Apple stock on concerns over Chinese market risk factors. Tepper followed suit and sold off his Apple shares, valued at $133 million at the end of 2015.