Strive (NASDAQ:ASST) Shares Gap Down - Here's What Happened

Key Points

• Strive shares opened lower, dropping from a prior close of $30.33 to $29.30 before recovering to around $30.16, with roughly 1.71 million shares traded.
• Analysts maintain a generally positive outlook, with five Buy ratings, one Hold and one Sell; the stock carries a “Moderate Buy” consensus rating and a $28.40 average price target.
• Strive’s latest quarterly results fell well short of expectations, reporting a $3.65 loss per share versus the projected $0.95 loss and revenue of $2.94 million versus $3.02 million expected.

Strive, Inc. (NASDAQ:ASST - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $30.33, but opened at $29.30. Strive shares last traded at $30.1590, with a volume of 1,709,847 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ASST shares. B. Riley Financial reissued a "buy" rating on shares of Strive in a research report on Thursday, September 3rd. HC Wainwright cut their price target on Strive from $37.00 to $36.00 and set a "buy" rating on the stock in a research report on Tuesday, August 11th. Weiss Ratings upgraded shares of Strive from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 14th. Benchmark reaffirmed a "buy" rating on shares of Strive in a research report on Thursday, August 20th. Finally, TD Cowen reiterated a "buy" rating on shares of Strive in a research report on Monday. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $28.40.

Strive Stock Performance

The company has a market cap of $2.53 billion, a price-to-earnings ratio of -3.33 and a beta of 13.36. The company has a 50-day simple moving average of $18.19 and a 200-day simple moving average of $15.11.

Strive (NASDAQ:ASST - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported ($3.65) earnings per share 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 business had revenue of $2.94 million during the quarter, compared to analysts' expectations of $3.02 million. As a group, equities research analysts forecast that Strive, Inc. will post 1.17 EPS for the current year.

Insider Activity at Strive

In related news, Director Pierre Rochard acquired 15,900 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average price of $12.54 per share, with a total value of $199,386.00. Following the completion of the acquisition, the director owned 15,900 shares in the company, valued at approximately $199,386. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.71% of the stock is owned by company insiders.

Institutional Investors Weigh In On Strive

Several institutional investors have recently modified their holdings of ASST. Squarepoint Ops LLC acquired a new position in shares of Strive during the 2nd quarter worth $1,394,000. Ameritas Advisory Services LLC acquired a new stake in Strive in the 2nd quarter valued at about $516,000. TRU Independence Asset Management 2 LLC purchased a new position in Strive during the 4th quarter valued at about $63,000. Larson Financial Group LLC purchased a new position in Strive during the 4th quarter valued at about $32,000. Finally, J. Derek Lewis & Associates Inc. acquired a new position in Strive during the fourth quarter worth about $71,000. Hedge funds and other institutional investors own 5.52% of the company's stock.

Strive Company Profile

Strive, Inc, formerly known as Asset Entities, Inc, is a bitcoin-focused financial company whose common stock trades on the Nasdaq under the symbol ASST. The company's primary objective is to build and manage a bitcoin treasury while pursuing strategies intended to increase bitcoin exposure for its shareholders.

Strive's activities include acquiring bitcoin, accessing capital markets and developing financial strategies related to digital assets. The company is led by Chief Executive Officer Matt Cole and was founded by entrepreneur and investor Vivek Ramaswamy.

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