In a notable rebound, MicroStrategy Inc. experienced an 8.03% rise in pre-market trading on Wednesday following the slow recovery of Bitcoin (CRYPTO: BTC). This comes after a significant 12.33% drop and closing at $353.69 the previous day, as per Benzinga Pro.
What Happened: On Wednesday, at 6:00 AM ET, Bitcoin was trading around $93,789.55 after dropping to $92,000 levels on Tuesday. Consecutively, MicroStrategy, with a holding of 386,700 Bitcoins valued at $35.4 billion, experienced an upward tick in its pre-market activity.
The company, under the leadership of CEO Michael Saylor, has been a focal point of market speculation due to a 23.64% decline in its stock over the past five sessions. This period also saw a 5.52% decrease in Bitcoin.
Analysts are questioning the sustainability of the company's strategy which involves borrowing through convertible notes to buy Bitcoin, then selling shares at a premium to reinvest in more Bitcoin.
Last week marked a record for retail investment in MicroStrategy, with nearly $100 million invested and trading volume reaching $136 billion, surpassing even Amazon Inc. (NASDAQ:AMZN).
Based on the ratings of 12 analysts, MicroStrategy has a consensus price target of $449.5 The high is $690 issued by BTIG on Dec. 11, 2023. The low is $140 issued by Jefferies on Nov. 10, 2022.
The average price target of $563.33 between TD Cowen, Barclays, and Benchmark implies a 41.90% upside for MicroStrategy.
Why It Matters: MicroStrategy's recent $3 billion offering of 0% convertible senior notes due 2029 has intrigued investors. These notes, offering no interest, were quickly snapped up by institutional buyers, indicating strong market interest despite the lack of traditional returns. The notes' high conversion rate and potential equity upside have been attractive to investors.
However, the company's stock has been under scrutiny. Gary Black of The Future Fund LLC has raised concerns about MicroStrategy's valuation, suggesting it should be significantly lower than its current price. Black's analysis points to a potential overvaluation, with a suggested price of $105 per share, which is about 75% lower than its current trading price.
在比特幣（加密貨幣：BTC）緩慢復甦之後，MicroStrategy Inc週三的盤前交易上漲了8.03％，這是一個顯著的反彈。 根據Benzinga Pro的數據，這是在前一天大幅下跌12.33％並收於353.69美元之後發生的。
發生了什麼：週三美國東部時間上午6點，比特幣在週二跌至92,000美元后，交易價格約爲93,789.55美元。MicroStrategy持有386,700枚比特幣，價值354億美元，其盤前活動連續上漲。
該公司在首席執行官邁克爾·塞勒的領導下，由於其股票在過去五個交易日中下跌了23.64％，一直是市場投機的焦點。在此期間，比特幣也下降了5.52％。
分析師質疑該公司戰略的可持續性，該戰略包括通過可轉換票據借款購買比特幣，然後以溢價出售股票以再投資更多比特幣。
上週創下了對MicroStrategy的零售投資記錄，投資了近1億美元，交易量達到1360億美元，甚至超過了亞馬遜公司（納斯達克股票代碼：AMZN）。
根據12位分析師的評級，微策略的共識目標股價爲449.5美元，最高價爲BTIG於2023年12月11日發行的690美元。最低價是傑富瑞集團於2022年11月10日發行的140美元。
道明考恩、巴克萊和基準之間的平均目標股價爲563.33美元，這意味着微策略的上漲空間爲41.90％。
爲何重要：MicroStrategy最近發行的30億美元2029年到期的0％可轉換優先票據引起了投資者的興趣。這些不提供利息的票據很快被機構買家搶購一空，這表明儘管缺乏傳統回報，但市場興趣濃厚。這些票據的高轉換率和潛在的股票上行空間吸引了投資者。
但是，該公司的股票一直受到審查。未來基金有限責任公司的加里·布萊克對MicroStrategy的估值表示擔憂，認爲其估值應大大低於其當前價格。布萊克的分析表明估值可能過高，建議價格爲每股105美元，比其當前交易價格低約75％。
