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

Key Points

• Strive shares fell sharply at the open, dropping from a prior close of $23.20 to $21.43; they were last trading at $21.14.
• Analysts rate the stock a Moderate Buy on average, with a $32.80 average price target. HC Wainwright cut its target from $42 to $40 while maintaining a Buy rating.
• Quarterly EPS of $5.46 beat estimates of $1.73, but revenue of $2.70 million came in below the $3.00 million consensus.

Strive, Inc. (NASDAQ:ASST - Get Free Report) gapped down before the market opened on Thursday. The stock had previously closed at $23.20, but opened at $21.43. Strive shares last traded at $21.14, with a volume of 1,377,884 shares changing hands.

Analyst Ratings Changes

Several analysts have issued reports on ASST shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Strive in a report on Monday, October 12th. TD Cowen reaffirmed a "buy" rating on shares of Strive in a research note on Monday, September 21st. HC Wainwright lowered their price objective on Strive from $42.00 to $40.00 and set a "buy" rating on the stock in a research report on Friday, November 6th. Benchmark reaffirmed a "buy" rating on shares of Strive in a research report on Thursday, August 20th. Finally, Wall Street Zen upgraded Strive from a "sell" rating to a "hold" rating in a research note on Saturday, November 7th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $32.80.

Strive Stock Performance

The firm's fifty day simple moving average is $26.82 and its 200 day simple moving average is $16.59. The firm has a market cap of $1.88 billion, a P/E ratio of -6.12 and a beta of 13.32.

Strive (NASDAQ:ASST - Get Free Report) last issued its earnings results on Friday, November 6th. The company reported $5.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $3.73. The firm had revenue of $2.70 million for the quarter, compared to analysts' expectations of $3.00 million. Strive had a negative return on equity of 29.27% and a negative net margin of 2,235.22%. On average, equities research analysts predict that Strive, Inc. will post 1.17 earnings per share for the current year.

Insider Buying and Selling at Strive

In other Strive news, Director Jonathan R. Macey sold 6,700 shares of Strive stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $30.32, for a total value of $203,144.00. Following the sale, the director owned 8,115 shares of the company's stock, valued at $246,046.80. The trade was a 45.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Pierre Rochard acquired 15,900 shares of Strive stock in a transaction on Friday, August 14th. The stock was purchased at an average cost of $12.54 per share, for a total transaction of $199,386.00. Following the purchase, the director owned 15,900 shares in the company, valued at approximately $199,386. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold a total of 101,409 shares of company stock worth $3,166,897 over the last three months. 2.71% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Voya Investment Management LLC increased its position in Strive by 15.5% in the third quarter. Voya Investment Management LLC now owns 14,286 shares of the company's stock worth $420,000 after purchasing an additional 1,917 shares during the last quarter. State Street Corp bought a new position in Strive during the second quarter valued at $16,395,000. The Manufacturers Life Insurance Company purchased a new position in shares of Strive in the 2nd quarter worth $179,000. Squarepoint Ops LLC purchased a new position in shares of Strive in the 2nd quarter worth $1,394,000. Finally, Allworth Financial LP bought a new stake in shares of Strive in the 2nd quarter worth about $66,000. 5.52% of the stock is owned by hedge funds and other institutional investors.

Strive Company Profile

Strive, Inc. is a U.S.-based bitcoin treasury and asset-management company. Its business includes acquiring and holding bitcoin as a treasury asset, as well as offering investment products and services through its asset-management operations. The company traces its roots to Strive Asset Management, founded in 2022. Strive became a publicly traded company through a business combination with Asset Entities, Inc., whose Nasdaq ticker symbol, ASST, it retained. Strive's leadership includes Chief Executive Officer Matt Cole and Chairman Vivek Ramaswamy, who co-founded the original asset-management business.

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