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Retail traders on Stocktwits debated whether Michael Saylor may eventually sell Bitcoin holdings after comments during the company’s earnings call.
Strategy shares fell in pre-market trading on Thursday even after multiple Wall Street firms raised their price targets on the stock.
Bitcoin slipped below $81,000 after a sharp rally earlier in the week pushed the cryptocurrency above $82,000 for the first time in three months.
Canaccord raised its price target on MSTR to $224, citing Strategy’s handling of Bitcoin volatility and its growing use of preferred shares to reduce dilution.
Shares of Michael Saylor-backed Strategy (MSTR) fell on Thursday despite getting a price target hike from Cannacord as Bitcoin (BTC) struggled to hold above $81,000.
MSTR’s stock fell over 1% in early morning trade, while Bitcoin’s price dipped 1.6% in the last 24 hours. Retail sentiment around both the apex cryptocurrency, and the Bitcoin proxy, trended in ‘bullish’ territory on Stocktwits over the past day, with chatter at ‘high’ levels.
MSTR retail sentiment and message volume on May 7 as of 9:00 a.m. ET | Source: Stocktwits
Bitcoin’s decline followed a sharp rally earlier in the week that pushed the asset above $82,000 for the first time in three months.
Wall Street Raises Price Targets On Strategy
The dip in MSTR’s stock comes despite Cannacord increasing its price target on MSTR to $224 from $185 on Thursday, implying a potential upside of nearly 20%. It kept a ‘Buy’ rating on the shares, according to a note to investors cited by TheFly.
The firm said the company has handled recent Bitcoin volatility well, noting that Bitcoin fell to around $60,000 in February but has since climbed back above $80,000, helping Strategy recover. Canaccord also said Strategy’s use of preferred shares is working well, creating new ways for it to raise money and relying less on selling regular stock, which helps avoid dilution.
TD Cowen also increased its price target on MSTR’s stock and kept a ‘Buy’ rating. It raised the target to $395 from $385, implying an upside of over 110% from Wednesday’s close.
Benchmark, which still holds the highest target among major firms covering the stock, lowered its price target to $570 from $705 as part of a broader review of crypto-related equities, while maintaining a ‘Buy’ rating.
Retail Questions If Saylor Has Started Selling Bitcoin
Some retail traders on Stocktwits questioned whether Saylor’s comments signaled the company had already started reducing Bitcoin exposure, though there has been no formal announcement of Strategy selling any holdings.
Saylor suggested Strategy may eventually sell some Bitcoin holdings if doing so improves “Bitcoin per share” metrics or strengthens the company’s capital structure during the the company’s first quarter (Q1) earnings call. The stance marked a notable shift in tone for a company long associated with an aggressive “buy and hold” Bitcoin philosophy.
Other retail traders on Stocktwits argued that the pullback in MSTR’s stock represented a buying opportunity ahead of another potential rally in Bitcoin prices.
MSTR's stock has gained over 20% this year, while Bitcoin's price has fallen over 8%.
For updates and corrections, email newsroom[at]stocktwits[dot]com.
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