MicroStrategy Shares Jumps In Friday Pre-Market As Bitcoin Rebounds To $96,000: Consensus Price Target Reveals Over 15% Upside For MSTR-March 2024-www.financetom.com

MicroStrategy Shares Jumps In Friday Pre-Market As Bitcoin Rebounds To $96,000: Consensus Price Target Reveals Over 15% Upside For MSTR

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MicroStrategy Shares Jumps In Friday Pre-Market As Bitcoin Rebounds To $96,000: Consensus Price Target Reveals Over 15% Upside For MSTR

Nov 29, 2024 3:16 AM

MicroStrategy Inc. ( MSTR ) experienced a notable 4.44% increase in its share price during pre-market trading on Friday as per Benzinga Pro. This rise aligns with Bitcoin‘s (CRYPTO: BTC) recovery from its recent dip.

What Happened: Earlier this week, Bitcoin had dropped to $92,000 but was trading at $96,596.96 by 5:26 a.m. ET. The cryptocurrency’s resurgence seems to have positively impacted MicroStrategy’s stock performance.

MicroStrategy’s consensus price target stands at $449.5, based on assessments from 12 analysts. The highest target of $690 was set by BTIG on December 11, 2023, while the lowest, $140, was issued by Jefferies on Nov. 10, 2022.

See Also: Bitcoin, Ethereum, Dogecoin Tumble As ‘Diamond Hands’ Lock In Gains: Top Analyst Anticipates BTC Rebound

As per Benzinga Pro, the consensus price target for MSTR is $449.5 based on the ratings of 12 analysts. The most recent analyst ratings for MicroStrategy ( MSTR ) were provided by TD Cowen, Barclays, and Benchmark on Nov. 25. These ratings suggest an average price target of $563.33, indicating a potential upside of 38.72% for the company.

Why It Matters: MicroStrategy’s stock performance is closely tied to Bitcoin’s fluctuations due to its substantial investment in the cryptocurrency. The company’s strategy of acquiring and holding Bitcoin has been both praised and criticized. Recently, economist and market strategist Peter Schiff predicted potential bankruptcy for MicroStrategy ( MSTR ) due to its Bitcoin investment approach. In an interview with Kitco News, Schiff described MicroStrategy ( MSTR ) as a “great short” and suggested that the company’s strategy could ultimately lead to bankruptcy. Schiff’s comments highlight the risks associated with MicroStrategy’s heavy reliance on Bitcoin’s market performance.

Read Next:

Bitcoin, Ethereum, Dogecoin Surge As Traders Raise Risk Appetite Ahead Of Thanksgiving: Analyst Sets Mid-Term Price Target For ETH At $6K

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Image via Shutterstock

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