Strive (NASDAQ:ASST) Stock Sees Heavy Call Option Buying

by · The Cerbat Gem

Strive, Inc. (NASDAQ:ASST – Get Free Report) was the recipient of unusually large options trading on Wednesday. Traders acquired 45,972 call options on the stock. This represents an increase of 32% compared to the typical daily volume of 34,725 call options.

Insider Buying and Selling at Strive

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

Institutional Trading of Strive

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp bought a new position in Strive in the 2nd quarter valued at about $16,395,000. The Manufacturers Life Insurance Company bought a new position in shares of Strive in the second quarter valued at approximately $179,000. Squarepoint Ops LLC bought a new position in Strive in the 2nd quarter valued at $1,394,000. Allworth Financial LP bought a new stake in shares of Strive during the 2nd quarter worth $66,000. Finally, Corient Private Wealth LP bought a new stake in Strive in the second quarter worth about $448,000. Institutional investors own 5.52% of the company’s stock.

Key Headlines Impacting Strive

Here are the key news stories impacting Strive this week:

  • Positive Sentiment: $630 million raised for Bitcoin purchases: Strive closed an upsized offering of 7 million shares of its Series A Perpetual SATS Preferred Stock at $90 per share. The securities carry a 15% dividend and began trading on Nasdaq under the symbol SATS. The proceeds are intended to support additional Bitcoin acquisitions. Strive Announces Nasdaq Listing of SATS and Closing of Upsized Initial Public Offering
  • Positive Sentiment: Bitcoin holdings reportedly surpassed MARA: Coverage indicated that Strive used the financing to increase its Bitcoin holdings and move ahead of MARA in the publicly traded-company Bitcoin rankings. That reinforces the company’s positioning as a Bitcoin treasury vehicle and may be attracting crypto-focused investors. Strive Stock Jumps as It Passes MARA in Bitcoin Holdings
  • Positive Sentiment: Additional Bitcoin acquisition: Strive reportedly purchased approximately $335 million of Bitcoin using proceeds from a $369 million warrant-related windfall, further increasing its exposure to potential Bitcoin price appreciation. Strive Buys $335 Million in Bitcoin After Warrant Windfall
  • Neutral Sentiment: First SATS dividend declared: Strive’s board declared the initial cash distribution on the SATS preferred shares, highlighting the new security’s income feature and the company’s obligation to fund its 15% preferred dividend. Strive Announces Initial SATS Preferred Cash Distributions
  • Negative Sentiment: High financing cost and risk remain: The 15% perpetual dividend represents a substantial recurring claim ahead of common shareholders. Strive’s strategy also leaves ASST highly sensitive to Bitcoin volatility, while the company’s recent quarterly loss and very negative margins underscore its underlying operating risk. Bitcoin Treasury Strive Debuts New Preferred Stock With 15% Dividend

Strive Trading Up 13.7%

NASDAQ:ASST traded up $3.71 during trading hours on Wednesday, hitting $30.77. 12,079,026 shares of the company were exchanged, compared to its average volume of 5,502,278. The company has a fifty day simple moving average of $24.93 and a 200 day simple moving average of $17.83. Strive has a one year low of $7.02 and a one year high of $36.20. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of -3.48 and a beta of 13.26.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ASST. B. Riley Financial upped their price objective on Strive from $26.00 to $33.00 and gave the stock a “buy” rating in a research note on Tuesday, September 22nd. HC Wainwright cut their target price on shares of Strive from $37.00 to $36.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Benchmark reissued a “buy” rating on shares of Strive in a report on Thursday, August 20th. TD Cowen reiterated a “buy” rating on shares of Strive in a research note on Monday, September 21st. 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 equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.20.

Get Our Latest Analysis on Strive

About Strive

(Get Free Report)

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.

Read More