MicroStrategy is down 26% over the past month and 31% over the last three months. The stock closed at $128.67 which puts it negative year-to-date. Valuation models suggest a fair value of $663, pointing to a potential discount despite the recent drop. The company remains a leveraged play on Bitcoin, so risks involve crypto volatility and premiums to net asset value. Dilution from future issuance is also a noted concern.