On August 3rd, according to Coindesk, even though MicroStrategy (MSTR) reported second-quarter revenue that missed expectations, Wall Street brokerage Benchmark still raised its target price for MSTR stock to $2,150 and gave it a top rating.
Benchmark analyst Mark Palmer wrote in a research note on Friday that MSTR shares have rallied 1,206 percent since August 2020, when it adopted bitcoin as its primary reserve asset. Since then, the stock's performance has contrasted sharply with Bitcoin (BTC), the S & P 500 Index, and the Nasdaq, which have rallied 442 percent, 64 percent, and 60 percent, respectively.
The company reported a net loss of $102.60 million for the second quarter on Thursday as impairment losses on its bitcoin holdings were $180.10 million. The company currently holds 226,500 bitcoins at an average purchase price of $36,821 each.
Wall Street brokerage Benchmark has raised its price target for MicroStrategy (MSTR) to $2,150
2024-08-03 05:01:38
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