TD Cowen analyst Lance Vitanza maintained a Buy rating on Strategy (MSTR – Research Report) yesterday and set a price target of $590.00.
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Lance Vitanza’s rating is based on Strategy’s strategic acquisition of bitcoins and strong market performance of its preferred shares. Over the past week, the company capitalized on favorable market conditions to purchase 4,980 bitcoins, primarily financed through renewed issuance under its common stock ATM. This acquisition allowed Strategy to close the second quarter with 69,140 bitcoins, exceeding expectations and generating significant gains.
Additionally, the market demand for Strategy’s preferred offerings remains robust, as evidenced by the trading of its senior and convertible preferred shares well above par. The company successfully issued shares under its convertible preferred stock ATM and its STRF senior preferred ATM at prices significantly higher than their initial public offering prices. The proceeds from these issuances were effectively used to acquire additional bitcoins, reinforcing the company’s position as an attractive option for investors seeking bitcoin exposure.
In another report released on June 18, BTIG also maintained a Buy rating on the stock with a $620.00 price target.
Based on the recent corporate insider activity of 81 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MSTR in relation to earlier this year.