Strive (NASDAQ:ASST) Stock Falls 9.5% – Time to Sell?

Strive, Inc. (NASDAQ:ASST) traded down 9.5% on Friday. The company traded as low as $20.47 and last traded at $20.1380. 1,794,693 shares traded hands during trading, a decline of 68% from the average session volume of 5,596,503 shares. The stock had previously closed at $22.25.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ASST shares. Wall Street Zen raised shares of Strive from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Strive in a report on Monday, October 12th. Benchmark reaffirmed a “buy” rating on shares of Strive in a research note on Thursday, August 20th. Maxim Group set a $37.00 target price on Strive and gave the stock a “buy” rating in a research report on Monday, October 12th. Finally, B. Riley Financial reissued a “buy” rating and set a $27.00 price target (down from $33.00) on shares of Strive in a research report on Monday. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Strive has a consensus rating of “Moderate Buy” and a consensus price target of $32.80.

Strive Trading Down 4.7%

The firm has a market capitalization of $1.81 billion, a PE ratio of -5.89 and a beta of 13.32. The firm’s fifty day moving average price is $26.78 and its 200 day moving average price is $16.63.

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

Insiders Place Their Bets

In related news, insider Brian Beirne sold 20,077 shares of the company’s stock in a transaction 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 completion of the sale, the insider directly owned 41,425 shares in the company, valued at approximately $1,297,845.25. This represents a 32.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Arshia Sarkhani sold 5,634 shares of the firm’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $31.33, for a total value of $176,513.22. Following the transaction, the chief marketing officer owned 11,795 shares in the company, valued at approximately $369,537.35. This trade represents a 32.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 101,409 shares of company stock worth $3,166,897 in the last 90 days. 2.71% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Strive

Institutional investors have recently modified their holdings of the company. Allworth Financial LP acquired a new position in Strive during the 2nd quarter worth $66,000. AXQ Capital LP bought a new position in Strive during the second quarter worth $110,000. The Manufacturers Life Insurance Company acquired a new position in Strive during the 2nd quarter valued at $179,000. Voya Investment Management LLC boosted its holdings in Strive by 15.5% in the 3rd quarter. Voya Investment Management LLC now owns 14,286 shares of the company’s stock valued at $420,000 after purchasing an additional 1,917 shares during the period. Finally, Corient Private Wealth LP bought a new stake in Strive in the 2nd quarter valued at $448,000. Institutional investors own 5.52% of the company’s stock.

About Strive

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.