Lake Street Capital Has Lowered Expectations for The Arena Group (NYSE:AREN) Stock Price

The Arena Group (NYSE:AREN) had its price target dropped by investment analysts at Lake Street Capital from $10.00 to $8.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Lake Street Capital’s target price indicates a potential upside of 252.73% from the company’s previous close.

The Arena Group Stock Down 23.9%

AREN stock traded down $0.71 during mid-day trading on Tuesday, hitting $2.27. 94,074 shares of the company were exchanged, compared to its average volume of 58,853. The firm has a market capitalization of $107.91 million, a P/E ratio of -0.53 and a beta of 0.90. The business has a fifty day simple moving average of $3.52 and a 200-day simple moving average of $4.38. The Arena Group has a 12-month low of $1.46 and a 12-month high of $10.05.

Institutional Trading of The Arena Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AREN. Geode Capital Management LLC lifted its stake in The Arena Group by 90.8% during the second quarter. Geode Capital Management LLC now owns 437,924 shares of the company’s stock worth $2,716,000 after purchasing an additional 208,448 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of The Arena Group in the 2nd quarter valued at $333,000. First Trust Advisors LP purchased a new stake in shares of The Arena Group in the 3rd quarter valued at $200,000. Bridgeway Capital Management LLC lifted its stake in The Arena Group by 63.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 77,600 shares of the company’s stock worth $310,000 after acquiring an additional 30,000 shares in the last quarter. Finally, LPL Financial LLC lifted its stake in The Arena Group by 14.5% during the 4th quarter. LPL Financial LLC now owns 222,405 shares of the company’s stock worth $890,000 after acquiring an additional 28,200 shares in the last quarter. Hedge funds and other institutional investors own 85.55% of the company’s stock.

About The Arena Group

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.