The Arena Group (NYSE:AREN) Trading Down 9.5% – What’s Next?

The Arena Group Holdings, Inc. (NYSE:AREN)’s stock price dropped 9.5% during trading on Monday . The company traded as low as $1.12 and last traded at $1.14. Approximately 306,096 shares were traded during mid-day trading, an increase of 264% from the average daily volume of 84,181 shares. The stock had previously closed at $1.26.

Analyst Upgrades and Downgrades

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 on the stock in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $8.00.

The Arena Group Stock Down 9.5%

The firm has a market cap of $54.27 million, a P/E ratio of -0.27 and a beta of 0.91. The firm’s 50-day simple moving average is $1.82 and its 200 day simple moving average is $2.94.

Institutional Trading of The Arena Group

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased 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 purchasing an additional 208,448 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of The Arena Group by 7,295.2% in the second quarter. JPMorgan Chase & Co. now owns 6,138 shares of the company’s stock worth $38,000 after purchasing an additional 6,055 shares in the last quarter. New York State Common Retirement Fund purchased a new position in shares of The Arena Group in the second quarter worth about $97,000. Marshall Wace LLP purchased a new position in shares of The Arena Group in the second quarter worth about $333,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of The Arena Group in the second quarter worth about $44,000. 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.