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Less than a week after AAPL stock reached a new high for 2013, and two analysts raised their target price in response to Black Friday sales, the stock has also hit a 52-week high, running at $570 at the point of writing.

Billionaire investor Carl Icahn doubtless played a role, yesterday tweeting that he would be calling for a (non-binding) shareholder vote on an increased buyback program – though for a smaller amount than he had originally urged.

But Fortune yesterday posted a rather interesting chart that may suggest the upward trend will continue … 

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What the chart shows is that the recovery so far has been driven mostly by private investors: the institutional investors who made a run for it when the stock price fell haven’t yet returned. UBS’s Steven Milunovich expects this to change.

Our sense speaking with investors is that many are now equal or underweight Apple relative to their benchmark, which could result in new money supporting the stock.

If he’s correct, the medium-term trend is likely to continue in an upward direction. As ever, however, remember that the market is driven by sentiment, not by facts …