The Defiance Daily Target 2X Long MSTR ETF (MSTX) experienced a significant pre-market soar of 21.73% on Thursday, driven by the bullish sentiment surrounding its underlying asset, MicroStrategy (MSTR).
MSTX is a leveraged exchange-traded fund (ETF) designed to provide twice the daily returns of MicroStrategy's stock price movements. MicroStrategy, a leading enterprise analytics and software firm, saw its stock rally after analysts at Benchmark reiterated their "Buy" rating and positive recommendations for the company.
The favorable analyst coverage fueled investor confidence and buying interest in MicroStrategy, leading to a surge in its stock price. As a 2x leveraged ETF tracking MSTR, MSTX amplified these gains, resulting in the substantial pre-market soar observed on Thursday. The market's optimism for MicroStrategy's prospects and the potential for further upside catalyzed the significant price movement in MSTX.
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