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

Shares of The Arena Group Holdings, Inc. (NYSE:AREN) were 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 Ratings Changes

Separately, Lake Street Capital dropped 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 note on Tuesday, March 17th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $8.00.

The Arena Group Stock Performance

The stock has a fifty day moving average of $1.49 and a 200-day moving average of $2.55. The company has a market cap of $42.37 million, a PE ratio of -0.21 and a beta of 0.97.

Institutional Trading of The Arena Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. DGS Capital Management LLC purchased a new stake in shares of The Arena Group during the fourth quarter valued at about $98,000. Millennium Management LLC increased its stake in shares of The Arena Group by 136.1% in the fourth quarter. Millennium Management LLC now owns 41,662 shares of the company’s stock worth $167,000 after acquiring an additional 24,017 shares during the period. Bridgeway Capital Management LLC lifted its holdings in shares of The Arena Group by 63.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 77,600 shares of the company’s stock valued at $310,000 after buying an additional 30,000 shares during the period. AQR Capital Management LLC lifted its holdings in The Arena Group by 90.5% in the fourth quarter. AQR Capital Management LLC now owns 22,421 shares of the company’s stock valued at $90,000 after acquiring an additional 10,654 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in The Arena Group during the fourth quarter worth $105,000. 85.55% of the stock is currently owned by institutional investors.

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.