The Arena Group (NYSEAMERICAN:PAAI) Shares Down 1.4% – What’s Next?

The Arena Group Holdings, Inc. (NYSEAMERICAN:PAAI)’s share price traded down 1.4% during trading on Tuesday. The company traded as low as $0.8807 and last traded at $0.92. 110,756 shares were traded during trading, a decline of 56% from the average session volume of 249,117 shares. The stock had previously closed at $0.9330.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PAAI shares. Zacks Research raised The Arena Group to a “hold” rating in a research report on Monday, October 5th. Lake Street Capital downgraded The Arena Group from a “buy” rating to a “hold” rating and reduced their price objective for the company from $6.00 to $2.00 in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Hold rating. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $2.00.

The Arena Group Price Performance

The stock has a market capitalization of $39.52 million, a PE ratio of 4.37 and a beta of 0.69. The stock’s 50 day simple moving average is $1.02 and its two-hundred day simple moving average is $1.77.

Hedge Funds Weigh In On The Arena Group

A hedge fund recently bought a new stake in The Arena Group stock. BlackRock Inc. acquired a new stake in shares of The Arena Group Holdings, Inc. (NYSEAMERICAN:PAAI) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 203,946 shares of the company’s stock, valued at approximately $169,000. BlackRock Inc. owned 0.43% of The Arena Group at the end of the most recent quarter. Institutional investors own 85.55% of the company’s stock.

The Arena Group Company Profile

The Arena Group, formerly known as Maven, is a digital media company that develops, operates and distributes editorial content across sports, lifestyle, entertainment and financial media. Its business has included digital publications, magazines, newsletters, video and other online content designed to reach targeted audiences.

The company has operated a portfolio of brands that has included Sports Illustrated, TheStreet, Parade and other enthusiast-focused media properties. Its activities have included digital advertising, subscriptions, licensing, e-commerce and brand partnerships, with content distributed primarily through websites, mobile platforms, social media and selected print products.

Founded as Maven in 2016, the company changed its name to The Arena Group Holdings, Inc in 2022 following the expansion of its media portfolio.