MicroStrategy stock hit a new 52-week low on Wednesday. This followed a sharp decline in Bitcoin's price.
The falling cryptocurrency price reportedly pushed MicroStrategy's vast holdings into an unrealized loss position. This prompted market concern ahead of the company's Thursday earnings report.
Canaccord Genuity slashed its price target on MSTR to $185 from $474. This reduction exceeds 60%. The firm maintained a "buy" rating on the stock.
The company purchased an additional 855 bitcoins. This signals its continued commitment to the crypto acquisition strategy.