The Arena Group (NYSE:AREN) Stock Price Down 5.3% - Should You Sell?

Key Points

• The Arena Group (NYSE:AREN) shares dropped 5.3% in trading, closing at $4.62 with significantly reduced trading volume, reflecting market volatility.
• Analyst sentiment remains positive, with Lake Street Capital raising the price target to $12.00 and assigning a "buy" rating, as the stock retains a consensus rating of "Buy."
• Institutional investors hold a substantial ownership of the company, comprising 85.55% of its stock, indicating robust interest from major market players.

The Arena Group Holdings, Inc. (NYSE:AREN - Get Free Report) shares traded down 5.3% during trading on Thursday . The company traded as low as $4.60 and last traded at $4.62. 55,260 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 195,090 shares. The stock had previously closed at $4.88.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital increased their price target on The Arena Group from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Friday, August 15th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $12.00.

The Arena Group Trading Down 5.3%

The company has a market capitalization of $219.29 million, a P/E ratio of -1.09 and a beta of 0.85. The stock has a 50 day moving average price of $5.93 and a 200 day moving average price of $5.46.

Institutional Trading of The Arena Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in The Arena Group by 7,295.2% in 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 during the period. Bank of America Corp DE grew its holdings in The Arena Group by 103.2% during the 2nd quarter. Bank of America Corp DE now owns 12,474 shares of the company's stock worth $77,000 after acquiring an additional 6,335 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in The Arena Group during the 2nd quarter worth about $44,000. State of Wyoming acquired a new stake in The Arena Group during the 2nd quarter worth about $68,000. Finally, Lazard Asset Management LLC acquired a new stake in The Arena Group during the 2nd quarter worth about $91,000. 85.55% of the stock is currently owned by institutional investors and hedge funds.

About The Arena Group

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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