Apple Inc. (AAPL:US) received a rare downgrade this week from KeyBanc, which cited valuation as the major reason for their decision. The stock is trading at all-time highs which the firm believes is at an unjustified premium to the Nasdaq when compared with historic valuations.

It was Brandon Nispel, a Capital Markets Analyst at KeyBanc, who issued the downgrade note. 

"We have a more muted view on revenue across all of Apple's revenue segments. We also expect margins to improve at a slower pace in the next couple of years.” He said.

Apple released the new iPhone 15 last month but the launch has not been as popular among mobile phone users as many of its previous launches. While this isn’t new for Apple, with people doubting its iPhones in the past as well, only time will tell how many phones Apple will be able to sell this holiday season.

The company is also under pressure due to growing risks from its exposure to the Chinese economy. All the negativity surrounding the stock has also prompted many to question the recent selling spree of insiders and politicians.

Apple’s CEO Tim Cook sold 240,569 shares earlier this week. He sold the shares at a price of $172.5, bringing him a total value of about $41.5 million. He also sold over $9 million worth of stock in April this year.

As for politicians, during the month of August, Dan Sullivan sold $15,000 - $50,000 worth of AAPL stock while Josh Gottheimer sold a similar quantity. In addition to this, Ro Khanna, who trades AAPL frequently, has been a net seller so far in 2023, selling $315,000 - $650,000 worth of stock in comparison to buy transactions worth $175,000 - $450,000.

AAPL shares were trading at around $175 just before the market open today.