MicroStrategy (NASDAQ:MSTR) stock is in the news Wednesday after TD Cowen cut its price target for the data analytics company’s shares.
TD Cowen analysts reduced their price target for MSTR stock from $1,560 per share to $1,450 per share. This represents a potential 2.3% upside from the stock’s prior closing price. It’s also still above the analysts’ consensus price prediction of $1,150.60 per share.
Investors will note that this price target reduction comes incredibly soon after TD Cowen analysts bumped the stock up to its previous price target of $1,560. The changes also came after the company completed a new round of Bitcoin (BTC-USD) purchases.
What’s Next for MSTR Stock?
That’s highly dependent on what happens with Bitcoin. The token has been rallying recently, even setting a new all-time high. However, it has given up some of those gains sense that. That leaves the future of the crypto, as well as MSTR stock, uncertain at this time.
MSTR stock is up 2.3% as of Wednesday morning even with the price target cut. The company’s shares are also up 112.1% since the start of the year.
Trading activity today has nearly 1 million shares of MSTR stock changing hands as of this writing. For comparison, the company’s daily average trading volume is about 2.1 million shares.
Investors seeking out even more of the most recent stock market stories are going to want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
