Strive (NASDAQ:ASST) Shares Gap Up - What's Next?

Key Points

• Strive shares gapped higher, opening at $30.05 versus a prior close of $29.00, but later traded near $28.97. The company has a $2.46 billion market capitalization and highly volatile beta of 13.36.
• Analyst sentiment remains generally positive, with five Buy ratings, one Hold and one Sell; the consensus rating is “Moderate Buy” with a $29.80 target price. B. Riley raised its target to $33.00.
• Strive reported a sharp quarterly loss, posting EPS of negative $3.65 versus expectations of negative $0.95 and revenue of $2.94 million versus the $3.02 million estimate. Director Pierre Rochard separately bought 15,900 shares at an average $12.54.

Strive, Inc. (NASDAQ:ASST - Get Free Report) gapped up before the market opened on Tuesday. The stock had previously closed at $29.00, but opened at $30.05. Strive shares last traded at $28.9690, with a volume of 858,431 shares changing hands.

Analyst Upgrades and Downgrades

ASST has been the topic of a number of analyst reports. B. Riley Financial boosted their target price on shares of Strive from $26.00 to $33.00 and gave the company a "buy" rating in a report on Tuesday, September 22nd. Weiss Ratings upgraded Strive from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 14th. Benchmark reaffirmed a "buy" rating on shares of Strive in a report on Thursday, August 20th. HC Wainwright cut their price objective 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 reaffirmed a "buy" rating on shares of Strive in a report on Monday, September 21st. Five equities 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 company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $29.80.

Strive Stock Down 0.5%

The firm's 50-day simple moving average is $19.91 and its 200-day simple moving average is $15.83. The firm has a market capitalization of $2.46 billion, a PE ratio of -3.26 and a beta of 13.36.

Strive (NASDAQ:ASST - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($3.65) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts' expectations of $3.02 million. On average, equities research analysts forecast that Strive, Inc. will post 1.17 earnings per share for the current year.

Insider Transactions at Strive

In other news, Director Pierre Rochard purchased 15,900 shares of the company's stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $12.54 per share, for a total transaction of $199,386.00. Following the purchase, the director directly owned 15,900 shares in the company, valued at approximately $199,386. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.71% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Strive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASST. Allworth Financial LP purchased a new stake in Strive during the second quarter valued at approximately $66,000. AXQ Capital LP bought a new position in shares of Strive during the second quarter worth $110,000. Formidable Asset Management LLC purchased a new position in shares of Strive during the first quarter valued at about $113,000. The Manufacturers Life Insurance Company bought a new position in Strive during the second quarter valued at approximately $179,000. Finally, Corient Private Wealth LP bought a new position in Strive during the second quarter valued at approximately $448,000. 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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