TLDR
- Strategy did not buy or sell any Bitcoin last week, after making its first purchase since June on Aug. 31
- MSTR stock dropped 3% to $138.43 in premarket trading Tuesday
- The company holds 845,050 Bitcoin at an average price of $75,412 each
- Canaccord Genuity raised its price target on MSTR to $179, keeping a “buy” rating
- Bitcoin fell over 1% in the past 24 hours to $78,443
Strategy Inc. did not buy or sell any Bitcoin last week, according to a regulatory filing Tuesday. That follows its first purchase since late June, when it bought 4,603 Bitcoin between Aug. 24 and Aug. 30 for $369.7 million, at an average price of $80,318 each.
MSTR stock dropped 3% to $138.43 in premarket trading Tuesday. It had already closed Friday down 1.4%.
The stock has gained 73% since hitting a recent low of $82.31 on June 26. Still, it remains down 6% for the year.
Strategy currently holds approximately 845,050 Bitcoin, acquired at an average price of about $75,412 each. That makes it the largest corporate holder of Bitcoin in the world.
Bitcoin itself slipped more than 1% over the past 24 hours to $78,443, according to CoinDesk. Coinbase fell 1.6%, while Robinhood gained 1.8%.
Analyst Outlook
Canaccord Genuity raised its price target on MSTR from $175 to $179 on Tuesday, keeping a “buy” rating. That target implies roughly 25% upside from current levels.
The broader analyst consensus sits at “Moderate Buy,” with an average target price of $236.65. Out of 20 analysts tracked, 14 have a Buy rating, two have a Strong Buy, two a Hold, and two a Sell.
Not everyone is bullish. TD Cowen cut its target from $400 to $260, and Barclays lowered its target from $130 to $125, though both kept positive ratings. Mizuho set a target of $165.
Earnings and Financials
Strategy reported a loss of $24.45 per share in its most recent quarter, well below the consensus estimate of a $2.19 loss. Revenue came in at $122.37 million, up 6.9% year over year, and just slightly below the $122.90 million analysts expected.
The company carries a negative return on equity of 74.18% and a negative net margin of over 6,000%. Analysts expect a full-year loss of $23.74 per share.
On the insider front, CEO Phong Le bought 11,000 MSTR stock in June at $90.80 each. Director Jarrod Patten sold 2,775 in August at $125.33 each. In total, insiders sold 13,950 in the past 90 days. About 6.49% of the stock is held by insiders, and 59.84% by institutional investors.
Strategy stock opened at $142.80 Tuesday, with a market cap of $54.87 billion. Its 52-week range sits between $81.81 and $365.21.
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