What's Going On With MicroStrategy Stock Tuesday?
Portfolio Pulse from Adam Eckert
MicroStrategy Inc (NASDAQ:MSTR) reported Q1 financial results below expectations, with a 5% year-over-year revenue decline to $115.2 million, missing estimates. The company also reported a significant quarterly loss and a decrease in various revenue streams. Despite this, MicroStrategy continued its Bitcoin investment strategy, purchasing 25,250 Bitcoin, bringing its total holdings to 214,400 Bitcoin. Following the report, Canaccord Genuity maintained a Buy rating on MSTR but lowered the price target from $1,810 to $1,590. MSTR shares dropped 6.88% to $1,204.00.
April 30, 2024 | 1:25 pm
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MicroStrategy reported lower than expected Q1 results, with a significant revenue decline and loss. Continued investment in Bitcoin despite market trends. Canaccord Genuity maintains Buy but lowers price target.
MicroStrategy's lower than expected Q1 financial results and the subsequent drop in stock price indicate a negative short-term impact. The company's continued investment in Bitcoin, despite its recent performance and the lowered price target by Canaccord Genuity, further supports a bearish outlook in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100