Strive (NASDAQ:ASST) Stock Jumps 5.8% - Here's Why

Key Points

• Strive shares rose 5.8% to approximately $25.50 in Monday trading, although volume was 68% below the average session level.
• Analyst sentiment remains broadly positive: five analysts rate the stock Buy, one rates it Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $33.20.
• The company reported a significant quarterly loss of $3.65 per share, missing estimates by $2.70, alongside $2.94 million in revenue; insiders have sold $3.17 million of stock over the past 90 days.

Strive, Inc. (NASDAQ:ASST - Get Free Report)'s share price shot up 5.8% on Monday. The stock traded as high as $25.64 and last traded at $25.4960. Approximately 1,749,912 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 5,423,879 shares. The stock had previously closed at $24.09.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. HC Wainwright reduced their price objective on Strive from $37.00 to $36.00 and set a "buy" rating on the stock in a research note on Tuesday, August 11th. Maxim Group set a $37.00 target price on shares of Strive and gave the stock a "buy" rating in a research note on Monday, October 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Strive in a research report on Monday, October 12th. TD Cowen reiterated a "buy" rating on shares of Strive in a research report on Monday, September 21st. Finally, B. Riley Financial increased their price target on shares of 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.20.

Strive Stock Performance

The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of -2.92 and a beta of 13.26. The business's 50-day simple moving average is $24.38 and its 200-day simple moving average is $17.60.

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

Insider Activity

In other news, insider Brian Beirne sold 20,077 shares of Strive stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $31.33, for a total value of $629,012.41. Following the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Pierre Rochard purchased 15,900 shares of the business's stock in a transaction on Friday, August 14th. The shares were acquired at an average cost of $12.54 per share, for a total transaction of $199,386.00. Following the completion of the transaction, the director directly owned 15,900 shares in the company, valued at approximately $199,386. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have sold 101,409 shares of company stock worth $3,166,897. 2.71% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Strive

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

About Strive

Strive, Inc is a financial services company operating under the Strive brand. Its business is focused on providing investment management and related financial products, with an emphasis on long-term capital preservation, shareholder rights and policies intended to promote value creation for investors.

The company's activities include asset management and the development of investment vehicles designed to give clients exposure to selected investment strategies and markets. Strive has also pursued a Bitcoin-focused treasury strategy, making digital assets an important part of its corporate and investment positioning.

Strive's current public-company structure resulted from the combination of Strive Enterprises and Asset Entities Inc, a social media and digital marketing company whose Nasdaq-listed shares traded under the symbol ASST.

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