MicroStrategy Incorporated (NASDAQ:MSTR) shares are trading higher Monday after the price of Bitcoin (CRYPTO: BTC) rose above $62,000.
The Details:
Bitcoin has rallied more than 5% over the past 24 hours as investors interpret the failed assassination attempt of President Trump as a positive development for cryptocurrencies.
On-chain analytics firm Santiment interpreted the rally as the market's "bullish bias" toward a pro-Trump development.
"It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish responses have occurred as a result," Santiment noted.
MicroStrategy recently announced a 10-for-1 stock split which aims to make MicroStrategy's shares more accessible to both investors and employees and could broaden its shareholder base. The stock split will take effect on Aug. 1, with trading on a split-adjusted basis expected to commence on Aug. 8.
The company is set to report its second-quarter financial results after the closing bell on Aug. 1and will host a live video webinar at 5:00 p.m. ET to discuss the results. According to estimates from Benzinga Pro, analysts expect MicroStrategy to report a loss of $1.10 per share and quarterly revenue of $122.6 million.
Will MSTR Stock Go Up?
When trying to assess whether or not MicroStrategy will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $2078.67 on MicroStrategy. The Street high target is currently at $2890 and the Street low target is $1590. Of all the analysts covering MicroStrategy, 9 have positive ratings, no one has neutral ratings and no one has negative ratings.
In the last month, 3 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering MicroStrategy have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. MicroStrategy is 243.13% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about MicroStrategy, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
MSTR Price Action: According to Benzinga Pro, MicroStrategy shares are up 11.3% at $1,555.00 at the time of publication Monday.
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