Market research firm Piqqem on Monday released its latest analysis, 24 hours ahead of Apple’s third quarter earnings. Using complex algorithms and the wisdom of crowds, Piqqem said its research showed Apple being down 15 points since April, the lowest level in the last 15 months. Sentiment uses a -100 to 100 scale with any rating above 25 considered positive, so at 34.6 points, Apple is still in a positive rating.

Even though the overall Sentiment for Apple’s stock has fallen, the outlook for the company remains positive. The cause for the decline seems to revolve around two main issues, according to the company’s research.

“In analyzing the sentiment line, I can identify 2 primary issues,” wrote Piqqem CEO Jett Winter in the research report. “On April 29 Steve Jobs wrote his open letter regarding the state of Flash from Apple’s perspective and this corresponded to a 7 point drop in Apple’s sentiment. On June 24, Apple released the iPhone 4 which received some bad reviews and this corresponded to another 5 point drop in sentiment. As of now, both of these events remain more of a PR issue and Apple’s briefing last week about the iPhone 4 should put the company back on track.”