Strive (NASDAQ:ASST) Stock Moved Up to "Hold" by Wall Street Zen

Key Points

• Wall Street Zen upgraded Strive from “Sell” to “Hold.” Analyst views remain mixed, though MarketBeat reports an overall “Moderate Buy” consensus and an average price target of $34.
• Strive reported third-quarter EPS of $5.46, above the $3.07 consensus, and its first profitable quarter, with $474.8 million in net income attributable to common shareholders. The company also reported holdings of 43,124 bitcoin, valued at more than $3.25 billion.
• Insiders sold 101,409 shares worth about $3.17 million over the past 90 days; one reported sale was to cover tax withholding on vested equity awards.

Strive (NASDAQ:ASST - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

ASST has been the subject of a number of other reports. Maxim Group set a $37.00 target price on shares of Strive and gave the company a "buy" rating in a research report on Monday, October 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Strive in a report on Monday, October 12th. HC Wainwright lowered their target price on Strive from $42.00 to $40.00 and set a "buy" rating for the company in a research note on Friday. TD Cowen reaffirmed a "buy" rating on shares of Strive in a research note on Monday, September 21st. Finally, B. Riley Financial lifted their price objective on Strive from $26.00 to $33.00 and gave the company a "buy" rating in a research note on Tuesday, September 22nd. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $34.00.

Strive Stock Up 4.2%

Strive stock opened at $21.45 on Friday. Strive has a fifty-two week low of $7.02 and a fifty-two week high of $34.40. The company has a 50 day moving average price of $26.89 and a 200-day moving average price of $16.52.

Strive (NASDAQ:ASST - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($3.65) EPS for the quarter, missing analysts' consensus estimates of ($0.95) by ($2.70). Strive had a negative net margin of 10,957.22% and a negative return on equity of 141.47%. The company had revenue of $2.94 million for the quarter, compared to analyst estimates of $3.02 million. As a group, analysts predict that Strive will post 1.17 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Brian Beirne sold 20,077 shares of the firm's stock in a transaction on Monday, October 5th. The stock was sold at an average price of $31.33, for a total transaction of $629,012.41. Following the transaction, the insider directly owned 41,425 shares in the company, valued at $1,297,845.25. This trade represents a 32.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jonathan R. Macey sold 6,700 shares of the firm's stock in a transaction on Monday, October 5th. The shares were sold at an average price of $30.32, for a total value of $203,144.00. Following the completion of the sale, the director owned 8,115 shares of the company's stock, valued at approximately $246,046.80. This trade represents a 45.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 101,409 shares of company stock worth $3,166,897 in the last 90 days. 2.71% of the stock is currently owned by corporate insiders.

Institutional Trading of Strive

A number of institutional investors and hedge funds have recently bought and sold shares of ASST. State Street Corp bought a new stake in Strive in the second quarter worth $16,395,000. The Manufacturers Life Insurance Company bought a new position in Strive during the second quarter worth about $179,000. Squarepoint Ops LLC bought a new position in shares of Strive in the second quarter worth approximately $1,394,000. Allworth Financial LP purchased a new stake in shares of Strive during the second quarter valued at $66,000. Finally, Corient Private Wealth LP purchased a new stake in shares of Strive during the 2nd quarter valued at about $448,000. Institutional investors and hedge funds own 5.52% of the company's stock.

Key Strive News

Here are the key news stories impacting Strive this week:

• Positive Sentiment: Strive reported third-quarter EPS of $5.46, beating the $3.07 consensus estimate. The company also posted $474.8 million in net income attributable to common shareholders and a $509 million gain, marking its first profitable quarter. Third-quarter financial results Net income and Bitcoin yield
• Positive Sentiment: The company said its Bitcoin holdings reached 43,124 BTC, valued at more than $3.25 billion. Its reported Bitcoin yield was 63.2%, highlighting the potential contribution of its accumulation strategy to results. Bitcoin holdings update
• Neutral Sentiment: HC Wainwright lowered its price target from $42 to $40 but maintained a Buy rating, indicating continued optimism alongside a more cautious valuation. HC Wainwright rating
• Negative Sentiment: B. Riley also cut its target, to $27. Although the revised target remains above the price cited in the report, reductions from both firms may weigh on sentiment. B. Riley price-target change

Strive Company Profile

Strive, Inc is an asset management and financial services company focused on providing investment products and strategies designed to prioritize long-term shareholder value. The company offers exchange-traded funds, separately managed accounts and other investment solutions for individuals and institutions.

Strive's investment approach emphasizes corporate governance, energy security, domestic economic growth and what it describes as shareholder-focused capitalism. Its products are intended to give investors exposure to selected sectors, industries and broader investment themes through professionally managed portfolios.

The company was founded in 2022 by Vivek Ramaswamy.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.