MSTR Stock Skyrockets on Bitcoin Holdings and Bullish Sentiment

MicroStrategy stock rallied by 2.84% after Alliance Global launched coverage on the company, assigning a Buy rating and a $217 target.

The analysts at Alliance Global highlighted MicroStrategy's significant bitcoin holdings, stating that the company is effectively a structural long on roughly 845,050 BTC, about 4% of total supply.

This move comes as multiple other firms have raised their price targets for MSTR stock, with B. Riley lifting its target to $175 from $155 and Canaccord moving its target to $179 after meeting management.