The Arena Group (NYSE:AREN) Stock Price Down 9.5% – Here’s What Happened

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

Analysts Set New Price Targets

Separately, Lake Street Capital reduced their price objective on 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 research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, The Arena Group presently has an average rating of “Buy” and a consensus target price of $8.00.

The Arena Group Stock Up 1.8%

The firm has a 50 day moving average of $1.79 and a two-hundred day moving average of $2.89. The firm has a market capitalization of $52.84 million, a price-to-earnings ratio of -0.26 and a beta of 0.91.

Institutional Trading of The Arena Group

Large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets boosted its stake in The Arena Group by 158.5% in the third quarter. BNP Paribas Financial Markets now owns 5,366 shares of the company’s stock valued at $29,000 after buying an additional 3,290 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in The Arena Group in the third quarter valued at about $30,000. JPMorgan Chase & Co. boosted its stake 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 valued at $38,000 after purchasing 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 valued at about $44,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of The Arena Group during the fourth quarter worth 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.