Strive (NASDAQ:ASST) Shares Gap Down – Here’s Why

Strive, Inc. (NASDAQ:ASST) shares gapped down prior to trading 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 traded.

Analysts Set New Price Targets

Several brokerages have weighed in on ASST. B. Riley Financial reissued a “buy” rating and set a $27.00 price objective (down from $33.00) on shares of Strive in a research note on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Strive in a research note on Monday, October 12th. TD Cowen reiterated a “buy” rating on shares of Strive in a report on Monday, September 21st. Wall Street Zen raised Strive from a “sell” rating to a “hold” rating in a research report on Saturday, November 7th. Finally, Maxim Group set a $37.00 target price on Strive and gave the company a “buy” rating in a research report on Monday, October 12th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Strive has an average rating of “Moderate Buy” and a consensus price target of $32.80.

Strive Price Performance

The firm has a fifty day moving average price of $26.82 and a two-hundred day moving average price of $16.59. The stock has a market capitalization of $1.88 billion, a PE ratio of -6.12 and a beta of 13.32.

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

Insiders Place Their Bets

In other news, insider Brian Beirne sold 20,077 shares of the business’s stock in a transaction on Monday, October 5th. The shares were sold at an average price of $31.33, for a total transaction of $629,012.41. Following the completion of the sale, the insider directly owned 41,425 shares of the company’s stock, valued at approximately $1,297,845.25. The trade was a 32.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matthew Cole sold 58,789 shares of the company’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $31.33, for a total transaction of $1,841,859.37. Following the completion of the transaction, the chief executive officer owned 844,795 shares in the company, valued at approximately $26,467,427.35. The trade was a 6.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 101,409 shares of company stock valued at $3,166,897. Insiders own 2.71% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP bought a new stake in Strive during the 2nd quarter valued at about $66,000. AXQ Capital LP bought a new position in Strive in the 2nd quarter worth about $110,000. Voya Investment Management LLC grew its stake in Strive by 15.5% in the 3rd quarter. Voya Investment Management LLC now owns 14,286 shares of the company’s stock worth $420,000 after acquiring an additional 1,917 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Strive during the second quarter worth approximately $179,000. Finally, Corient Private Wealth LP bought a new stake in shares of Strive during the second quarter valued at approximately $448,000. Hedge funds and other institutional investors own 5.52% of the company’s stock.

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.