Strive (NASDAQ:ASST) Stock Jumps 12.7% – Here’s Why

Shares of Strive, Inc. (NASDAQ:ASST) shot up 12.7% during trading on Wednesday. The company traded as high as $22.50 and last traded at $23.2750. Approximately 1,490,696 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 5,554,511 shares. The stock had previously closed at $20.66.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Benchmark restated a “buy” rating on shares of Strive in a research note on Thursday, August 20th. HC Wainwright reduced their price target 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. B. Riley Financial increased their price objective on shares of Strive from $26.00 to $33.00 and gave the stock a “buy” rating in a report on Tuesday, September 22nd. TD Cowen reiterated a “buy” rating on shares of Strive in a research report on Monday, September 21st. Finally, Maxim Group set a $37.00 target price on shares of Strive and gave the stock a “buy” rating in a research report on Monday, October 12th. Five investment 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $33.20.

Strive Stock Performance

The company has a market cap of $1.98 billion, a price-to-earnings ratio of -2.61 and a beta of 13.32. The company’s 50 day moving average price is $26.92 and its 200 day moving average price is $16.48.

Strive (NASDAQ:ASST) 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). The company had revenue of $2.94 million for the quarter, compared to the consensus estimate of $3.02 million. Strive had a negative net margin of 10,957.22% and a negative return on equity of 141.47%. On average, equities research analysts forecast that Strive, Inc. will post 1.17 EPS for the current fiscal year.

Insider Transactions at Strive

In related news, CEO Matthew Cole sold 58,789 shares of Strive stock in a transaction on Monday, October 5th. The shares were sold at an average price of $31.33, for a total value of $1,841,859.37. Following the transaction, the chief executive officer owned 844,795 shares in the company, valued at $26,467,427.35. This trade represents a 6.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director James Lavish sold 6,000 shares of the business’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $30.75, for a total value of $184,500.00. Following the transaction, the director directly owned 8,815 shares of the company’s stock, valued at $271,061.25. This represents a 40.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 101,409 shares of company stock worth $3,166,897. 2.71% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

Strive Company Profile

Strive, Inc is an asset management and financial services company focused on providing investment products and strategies designed to prioritize long-term shareholder value. The company offers exchange-traded funds, separately managed accounts and other investment solutions for individuals and institutions.

Strive’s investment approach emphasizes corporate governance, energy security, domestic economic growth and what it describes as shareholder-focused capitalism. Its products are intended to give investors exposure to selected sectors, industries and broader investment themes through professionally managed portfolios.

The company was founded in 2022 by Vivek Ramaswamy.