The Arena Group (NYSE:AREN) Stock Price Down 3.3% – Time to Sell?

The Arena Group Holdings, Inc. (NYSE:AREN) shares traded down 3.3% during trading on Monday . The company traded as low as $3.93 and last traded at $4.06. 122,311 shares changed hands during trading, a decline of 39% from the average session volume of 202,061 shares. The stock had previously closed at $4.20.

Wall Street Analyst Weigh In

Separately, Lake Street Capital increased their price objective on shares of The Arena Group from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $12.00.

The Arena Group Trading Down 3.3%

The business’s 50-day simple moving average is $4.84 and its 200-day simple moving average is $5.67. The company has a market cap of $193.17 million, a PE ratio of -0.96 and a beta of 0.76.

Institutional Trading of The Arena Group

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in shares of The Arena Group by 90.8% in the second quarter. Geode Capital Management LLC now owns 437,924 shares of the company’s stock worth $2,716,000 after buying an additional 208,448 shares during the last quarter. Marshall Wace LLP bought a new stake in The Arena Group in the 2nd quarter valued at $333,000. First Trust Advisors LP bought a new position in The Arena Group during the third quarter worth about $200,000. Bridgeway Capital Management LLC grew its position in The Arena Group by 72.5% in the third quarter. Bridgeway Capital Management LLC now owns 47,600 shares of the company’s stock valued at $260,000 after acquiring an additional 20,000 shares during the period. Finally, Centiva Capital LP bought a new position in The Arena Group during the 3rd quarter valued at about $87,000. Institutional investors own 85.55% of the company’s stock.

The Arena Group Company Profile

The Arena Group Holdings, Inc, together with its subsidiaries, operates digital media platform in the United States and internationally. The company offers the Platform, a proprietary online publishing platform comprising publishing tools, video platforms, social distribution channels, newsletter technology, machine learning content recommendations, notifications, and other technology.