One of the most closely watched Apple iPad sales bloggers Deagol’s AAPL Model estimated that first day orders hit 120,000 units but dropped off dramatically to end the weekend with a total of about 152,000 Apple iPads sold.

“That number is low,” says an industry analyst who is independently monitoring the iPad sales. The analyst, who is collecting sales data for clients and asked not to be identified, says the current tally is conservative and actual iPad sales are significantly higher. The analyst declined to offer an estimate however.

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