The Arena Group (NYSE:AREN) Shares Up 1.5% - Here's Why

Key Points

• The Arena Group's shares increased by 1.5% on Tuesday, reaching a high of $6.16 before closing at $5.99.
• Lake Street Capital raised its price target for The Arena Group from $10.00 to $12.00, maintaining a "buy" rating for the stock.
• Hedge funds now own 85.55% of The Arena Group's stock, indicating strong institutional interest and investment in the company.

The Arena Group Holdings, Inc. (NYSE:AREN - Get Free Report)'s share price shot up 1.5% on Tuesday . The company traded as high as $6.16 and last traded at $5.99. 145,646 shares changed hands during trading, a decline of 20% from the average session volume of 182,364 shares. The stock had previously closed at $5.90.

Analysts Set New Price Targets

Separately, Lake Street Capital upped their target price on shares of The Arena Group from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, August 15th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, The Arena Group has an average rating of "Buy" and an average price target of $12.00.

The Arena Group Stock Performance

The firm has a market cap of $284.32 million, a PE ratio of -1.41 and a beta of 0.67. The stock's 50 day simple moving average is $6.27 and its 200 day simple moving average is $4.58.

Hedge Funds Weigh In On The Arena Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC purchased a new position in The Arena Group in the 4th quarter worth approximately $33,000. JPMorgan Chase & Co. boosted its stake in shares of The Arena Group by 7,295.2% in the 2nd 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. purchased a new stake in shares of The Arena Group in the 2nd quarter valued at $44,000. State of Wyoming purchased a new stake in shares of The Arena Group in the 2nd quarter valued at $68,000. Finally, Bank of America Corp DE boosted its stake in shares of The Arena Group by 103.2% in the 2nd quarter. Bank of America Corp DE now owns 12,474 shares of the company's stock valued at $77,000 after purchasing an additional 6,335 shares in the last quarter. Hedge funds and other institutional investors own 85.55% of the company's stock.

The Arena Group Company Profile

The Arena Group Holdings, Inc, together with its subsidiaries, operates digital media platform in the United States and internationally. The company offers the Platform, a proprietary online publishing platform comprising publishing tools, video platforms, social distribution channels, newsletter technology, machine learning content recommendations, notifications, and other technology.

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