The Arena Group (NYSE:AREN) Trading Down 4% – Here’s What Happened

The Arena Group Holdings, Inc. (NYSE:AREN) shares traded down 4% on Tuesday . The company traded as low as $0.8226 and last traded at $0.8280. 163,518 shares changed hands during mid-day trading, an increase of 66% from the average daily volume of 98,580 shares. The stock had previously closed at $0.8629.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital reduced their price objective on shares of The Arena Group from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, March 17th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, The Arena Group presently has an average rating of “Buy” and a consensus target price of $8.00.

The Arena Group Stock Performance

The company’s fifty day simple moving average is $1.52 and its two-hundred day simple moving average is $2.58. The stock has a market capitalization of $39.42 million, a P/E ratio of -0.19 and a beta of 0.97.

Institutional Trading of The Arena Group

Hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its stake in The Arena Group by 158.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,366 shares of the company’s stock valued at $29,000 after purchasing an additional 3,290 shares during the period. Russell Investments Group Ltd. bought a new position in The Arena Group during the 3rd quarter worth $30,000. JPMorgan Chase & Co. lifted its holdings in shares of The Arena Group by 7,295.2% during the second quarter. JPMorgan Chase & Co. now owns 6,138 shares of the company’s stock worth $38,000 after buying an additional 6,055 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of The Arena Group during the second quarter worth $44,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of The Arena Group in the fourth quarter valued at about $52,000. 85.55% of the stock is owned by institutional investors and hedge funds.

The Arena Group Company Profile

The Arena Group, Inc (NYSE: AREN) is a digital content and commerce company that operates a diversified portfolio of media brands across finance, sports and lifestyle categories. The company produces original editorial content, multimedia programming and newsletters for a broad digital audience, leveraging websites, social media, podcasts and video channels. Through e-commerce initiatives, affiliate marketing partnerships and targeted advertising, The Arena Group monetizes its verticals while driving engagement and subscriber growth.

Key brands in the company’s portfolio include TheStreet, a financial news and analysis platform; Sports Illustrated, for which the company holds exclusive global multimedia rights; Front Office Sports, covering the business of sports; Eat This, Not That!, a nutrition and wellness brand; and The Daily Meal, focused on food and lifestyle trends.