Citi downgrades MicroStrategy stock after bold Bitcoin bet
MicroStrategy was downgraded to "sell" from "neutral" on Tuesday. Shares of MicroStrategy fell on Tuesday after Citibank reportedly downgraded the business intelligence firm over its “disproportionate” Bitcoin focus. Citi analyst Tyler Radke issued a “sell” rating on MSTR shortly after the company announced it was raising more money to buy Bitcoin (BTC). Radke says CEO Michael Saylor’s “disproportionate focus on bitcoin” puts investors at considerable risk, especially after an “overextended” rally since September. He wrote:“MSTR's bitcoin investment has returned $250M (or worth $26/share....
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Citigroup has downgraded the Nasdaq-listed, pro-bitcoin Microstrategy to a “sell” rating after the company announced that it would offer $400 million convertible senior notes to buy more bitcoin. Microstrategy currently holds about 40,824 bitcoins. Citi Analyst Uncomfortable With Microstrategy’s ‘Disproportionate Focus on Bitcoin’ While Citigroup has recently been bullish on bitcoin, Citi analyst Tyler Radke is not so convinced by Microstrategy’s announcement on Monday that it intends to offer $400 million of convertible senior notes and use the sale....
Bitcoin’s options market has flipped bearish for the short term while Citi analysts downgrade MicroStrategy's stock.
MSTR stock has surged by roughly 113% since Dec. 8 when it was downgraded by a Citigroup analyst. On Dec. 8, 2020, Citigroup, one of the largest banks in the world, downgraded MicroStrategy'ss stock (MSTR). Since then, MSTR stock is up 113.27% from $289.45 to $617.31, as the price of Bitcoin (BTC) rallied.In the same period, the Citigroup stock has declined slightly by 0.63%, from $58.36 to $57.99.MicroStrategy stock vs. BTC and Nasdaq. Source: ecoinmetricsWhy has MicroStrategy stock performed so strongly despite the downgrade?MicroStrategy has been investing its treasury holdings in....
MicroStrategy was trading sharply lower Tuesday after a Citi analyst changed his rating to "sell."
Michael Saylor’s MicroStrategy plans to raise $21B for additional Bitcoin ($BTC) purchases through the At The Market (ATM) Program. Specifically, MicroStrategy will sell $21B worth of 8% Series A perpetual strike preferred stock – shares that pay an 8% dividend, have a $0.001 par value, and are convertible into MicroStrategy’s Class A common stock without […]