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 analyst 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?
What’s next for MSTR is highly dependent on what happens with Bitcoin. The coin has been rallying recently, even setting a new all-time high. However, it has given up some of those gains since. 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!
We have all of the hottest stock market news traders need to know about on Wednesday! A few examples include what’s happening with shares of Gildan Activewear (NYSE:GIL), Astera Labs (NASDAQ:ALAB) and Equinix (NASDAQ:EQIX) stock today. All of that news is available at the links below!
More Stock Market News for Wednesday
- GIL Stock Alert: Gildan Activewear Is Up for Sale
- ALAB Stock IPO: 7 Things to Know as Astera Labs Starts Trading Today
- EQIX Stock Alert: Hindenburg Slams Equinix in a New Short Report
On the date of publication, William White did not hold (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.
