Strive (NASDAQ:ASST) Stock Price Up 4% - Here's What Happened

Key Points

• Strive shares rose 4% to about $30.15, with trading volume 57% below the stock’s average daily volume.
• Analyst sentiment remains generally positive: five analysts rate the stock Buy, with a consensus rating of “Moderate Buy.” B. Riley raised its price target to $33, while the consensus target is $29.80.
• The company reported a significant quarterly loss, with EPS of negative $3.65 versus expectations of negative $0.95 and revenue of $2.94 million. Strive is a bitcoin-focused financial company building and managing a bitcoin treasury.

Strive, Inc. (NASDAQ:ASST - Get Free Report)'s share price traded up 4% during trading on Thursday . The stock traded as high as $30.25 and last traded at $30.1540. 2,188,683 shares were traded during trading, a decline of 57% from the average daily volume of 5,136,398 shares. The stock had previously closed at $28.99.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. B. Riley Financial boosted their price target on Strive from $26.00 to $33.00 and gave the company a "buy" rating in a report on Tuesday. Weiss Ratings upgraded shares of Strive from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 14th. TD Cowen reissued a "buy" rating on shares of Strive in a report on Monday. Benchmark restated a "buy" rating on shares of Strive in a research report on Thursday, August 20th. Finally, 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 report on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $29.80.

Strive Trading Up 3.1%

The stock has a market cap of $2.55 billion, a PE ratio of -3.38 and a beta of 13.36. The business has a 50-day moving average price of $18.86 and a 200-day moving average price of $15.39.

Strive (NASDAQ:ASST - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $2.94 million for the quarter, compared to analysts' expectations of $3.02 million. Strive had a negative net margin of 10,957.22% and a negative return on equity of 141.47%. Equities analysts expect that Strive, Inc. will post 1.17 earnings per share for the current year.

Insider Transactions at Strive

In other news, Director Pierre Rochard acquired 15,900 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average cost of $12.54 per share, for a total transaction of $199,386.00. Following the acquisition, the director owned 15,900 shares in the company, valued at approximately $199,386. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.71% of the company's stock.

Hedge Funds Weigh In On Strive

A number of hedge funds have recently made changes to their positions in ASST. Allworth Financial LP purchased a new stake in shares of Strive during the second quarter worth $66,000. AXQ Capital LP purchased a new position in shares of Strive in the second quarter worth about $110,000. Formidable Asset Management LLC purchased a new position in shares of Strive in the first quarter worth about $113,000. The Manufacturers Life Insurance Company purchased a new position in shares of Strive in the second quarter worth about $179,000. Finally, Valtinson Bruner Financial Planning LLC acquired a new position in Strive during the fourth quarter worth about $25,000. Institutional investors and hedge funds 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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