Einhorn's comments were made in an appearance on CNBC, where he said he would give Apple a grade of "C+" on the matter of capital management. He added that earlier this year, when he sued Apple and accused the company of having a "problem" with hoarding cash, he would have given them a "D-" grade.
"More could be done that would unlock probably even more value, but it's not so bad at this point that I want to complain about it," Einhorn said.
His hedge fund, Greenlight Capital, bought in to Apple about three years ago. His original intent was to be a passive shareholder, but as the company's cash built up and its market valuation dropped, he felt the situation got "out of hand."
The hedge fund manager said he believes Apple began hoarding cash because of a culture that was fostered under company co-founder Steve Jobs, who brought the company back from the brink of death. However, in Einhorn's view, the level of cash simply got to a point where it didn't make sense.
Einhorn refused to say whether he agrees with a recent push by fellow investor Carl Icahn for Apple to spend all of its $150 billion a share buyback. But he did say that his fund is still long on Apple.
"I look at it as a company that has dominant positions in growing markets," he said.
Einhorn was also complimentary of Apple's latest flagship smartphone, the iPhone 5s. In his interview, he revealed he owns an iPhone 5s, and called the device "terrific."