MicroStrategy Stock Continues To Climb: What's Going On?

MicroStrategy Inc MSTR shares are trading higher Tuesday after a pair of analyst firms significantly raised price targets on the stock.

What Happened: TD Cowen analyst Lance Vitanza on Tuesday maintained MicroStrategy with an Outperform rating and raised the price target from $1,220 to $1,560.

Canaccord Genuity analyst Joseph Vafi also released an update on Tuesday. The Canaccord analyst maintained MicroStrategy with a Buy rating and raised the price target from $975 to $1,810.

The price target increases come a day after MicroStrategy said it acquired an additional 12,000 Bitcoin BTC/USD for approximately $821.7 million in cash, using proceeds from an offering that was announced a week earlier plus some cash.

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MicroStrategy has also gotten a lift from rising crypto prices after bitcoin hit new all-time highs this week. Bitcoin was up about 1.6% over a 24-hour period, trading around $72,885 at the time of writing, according to Benzinga Pro.

MicroStrategy is a business intelligence, mobile software and cloud-based services company, focused on accumulating bitcoin. As of March 10, MicroStrategy said it held an aggregate of approximately 205,000 bitcoins at an average purchase price of approximately $33,706 per coin.

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MSTR Price Action: MicroStrategy shares were up 3.76% at $1,537.32 at the time of publication, according to Benzinga Pro.

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