The Arena Group (NYSEAMERICAN:PAAI) Upgraded at Zacks Research

Zacks Research upgraded shares of The Arena Group (NYSEAMERICAN:PAAI) to a hold rating in a report released on Monday,Zacks reports.

Separately, Lake Street Capital lowered shares of The Arena Group from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $6.00 to $2.00 in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2.00.

The Arena Group Trading Up 1.0%

Shares of PAAI stock opened at $1.03 on Monday. The Arena Group has a 12 month low of $0.82 and a 12 month high of $3.47. The stock has a market cap of $49.04 million, a PE ratio of 5.42 and a beta of 0.76. The company’s fifty day moving average price is $1.18 and its 200-day moving average price is $1.44.

Institutional Investors Weigh In On The Arena Group

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

About The Arena Group

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.