MicroStrategy Shares Are Up Today: What's Going On?

MicroStrategy Inc. MSTR shares are trading higher Thursday following an increase in Bitcoin BTC/USD's price to $96,578.38, according to Benzinga Pro.

What To Know: Despite gaining 342% year-to-date in 2024, MicroStrategy has experienced a 23% decline over the past month. The stock closed at $289.62 on Wednesday, trading below its eight, 20 and 50-day simple moving averages, signaling a bearish short-term trend. However, it remains above its 200-day moving average of $195.03, indicating long-term bullish potential.

Analysts have set a consensus price target of $449.50 for MicroStrategy, with a high of $690 from BTIG on Dec. 11, 2023, and a low of $140 from Jefferies on Nov. 10, 2022. Recent ratings from Bernstein, TD Cowen and Barclays in late 2024 suggest an average price target of $546.67, implying a potential upside of 77.91%.

The company's stock performance is directly tied to Bitcoin's fluctuations due to its heavy investment in the cryptocurrency. While Bitcoin’s rise has previously led to gains for MicroStrategy, it also exposes the company to volatility.

Galaxy Research projects that Bitcoin could exceed $150,000 in early 2025, with a potential peak of $185,000 by the year's end, driven by increased institutional and corporate adoption.

MSTR Price Action: MicroStrategy shares were up 4.33% at $302.67 at the time of writing, according to Benzinga pro.