Strive (NASDAQ:ASST) Shares Gap Up - Still a Buy?

Key Points

• Strive shares gapped higher, opening at $29.54 versus the prior close of $28.28, with the stock last trading near $29.51.
• Analysts maintain a generally positive view, with six Buy, one Hold, and one Sell rating; the consensus is “Moderate Buy,” though the average price target of $28.40 is below the current price.
• The company’s latest quarter showed significant financial weakness, including an adjusted EPS loss of $3.65 versus expectations of a $0.95 loss, revenue below estimates, and a negative net margin exceeding 10,000%.

Strive, Inc. (NASDAQ:ASST - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $28.28, but opened at $29.54. Strive shares last traded at $29.5090, with a volume of 2,658,541 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. B Riley reissued a "buy" rating on shares of Strive in a report on Thursday, September 3rd. Benchmark reaffirmed a "buy" rating on shares of Strive in a report on Thursday, August 20th. B. Riley Financial upped their target price on shares of Strive from $16.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. HC Wainwright dropped their target price on shares of Strive from $37.00 to $36.00 and set a "buy" rating for the company in a research report on Tuesday, August 11th. Finally, TD Cowen cut their price target on shares of Strive from $32.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, July 22nd. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $28.40.

Strive Stock Performance

The stock has a market capitalization of $2.56 billion, a P/E ratio of -3.39 and a beta of 13.36. The stock has a 50-day simple moving average of $17.47 and a 200 day simple moving average of $14.81.

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

Insider Buying and Selling

In other news, Director Pierre Rochard bought 15,900 shares of the stock in a transaction on Friday, August 14th. The stock was purchased at an average price of $12.54 per share, with a total value of $199,386.00. Following the completion of the purchase, the director owned 15,900 shares of the company's stock, valued at approximately $199,386. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.71% of the company's stock.

Hedge Funds Weigh In On Strive

Hedge funds and other institutional investors have recently made changes to their positions in the company. Squarepoint Ops LLC bought a new stake in shares of Strive in the 2nd quarter valued at $1,394,000. Ameritas Advisory Services LLC acquired a new stake in Strive during the 2nd quarter worth $516,000. Corient Private Wealth LP bought a new position in Strive during the second quarter worth about $448,000. Corient Private Wealth LLC bought a new position in Strive during the fourth quarter worth about $388,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Strive in the second quarter valued at about $179,000. 5.52% of the stock is owned by institutional investors.

About Strive

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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