MSTR stock price surges by more than 3% in premarket on Monday amid buzz that Michael Saylor’s Strategy is set to announce its largest BTC purchase today. Analysts’ forecasts signaled a bullish stance on MicroStrategy stock amid upside momentum in Bitcoin.
MSTR Stock Rises 3% amid Bullish Analysts’ Forecasts
MSTR stock price jumped by over 3% to almost $144 in premarket trading on March 16, reflecting strong investor interest ahead of the weekly Bitcoin buy announcement. The MicroStrategy stock has rallied 30% since hitting a low of $106 last month.
MSTR Stock Price in Premarket. Source: Google FinanceThe stock closed 1.70% higher at $139.67 on Friday, becoming one of the top trending crypto stocks. The intraday low and high were $138.44 and $147.26, respectively. Trading volume has also surged recently, with 23 million in volume recorded on the last trading day.
Wall Street analysts remain bullish on MSTR stock, with an average 12-month price target of $297. Recently, B. Riley Securities initiated coverage with a “buy” rating and $175 price target, citing Strategy’s capital structure and long-term BTC accumulation.
Also, BTIG reiterated a buy rating with a $250 price target for MSTR stock, while Benchmark’s Mark Palmer holds at $705 based on projected Bitcoin holdings by end-2026.
Michael Saylor’s Strategy Could Make Largest Bitcoin Buy Today
The crypto market expects Strategy to unveil its largest Bitcoin acquisition ever today. This comes amid recent aggressive buying, including a 17,994 BTC purchase announced last week to bring total holdings to 738,731 BTC.
Michael Saylor hinted at another BTC purchase with funds raised from selling Stretch (STRC) preferred shares. He posted the phrase “Stretch the Orange Dots,” continuing a pattern often linked to Strategy’s Bitcoin purchases.
MicroStrategy needs to buy nearly 6,158 BTC per week over the remaining 42 weeks to reach the 1 million BTC goal by year-end. This will cost the company roughly $22.2 billion. Bitcoin is rising today, reclaiming $74K for the first time after 6 weeks. It is currently trading at $73,576, with a 24-hour trading volume of more than 90%.
According to the latest data, the company’s STRC preferred shares issuance alone from Monday to Friday suggested as much as 11,042 BTC purchases. Notably, this doesn’t account for MSTR stock issuance, which the company used to buy thousands of Bitcoin.
Estimated BTC Purchased with STRCSource: https://coingape.com/news/stocks/heres-why-mstr-stock-price-could-rally-today/
