The Arena Group (NYSE:AREN) Stock Rating Lowered by Lake Street Capital

Key Points

• Lake Street Capital downgraded The Arena Group from “buy” to “hold” and set a $2.00 price target, implying 9.09% downside from the prior close.
• The stock opened at $2.20, with a market capitalization of approximately $104.7 million and a 52-week range of $0.81 to $7.85.
• Institutional investors and hedge funds own 85.55% of the company, with several firms—including Millennium Management, Bridgeway Capital and AQR Capital—recently increasing their stakes.

The Arena Group (NYSE:AREN - Get Free Report) was downgraded by equities research analysts at Lake Street Capital from a "buy" rating to a "hold" rating in a report released on Tuesday, MarketBeat.com reports. They currently have a $2.00 price target on the stock. Lake Street Capital's price target indicates a potential downside of 9.09% from the stock's previous close.

The Arena Group Stock Performance

The Arena Group stock opened at $2.20 on Tuesday. The business's fifty day moving average is $1.14 and its two-hundred day moving average is $2.08. The firm has a market cap of $104.73 million, a P/E ratio of -0.52 and a beta of 0.95. The Arena Group has a 52 week low of $0.81 and a 52 week high of $7.85.

Institutional Investors Weigh In On The Arena Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AREN. BlackRock Inc. acquired a new position in shares of The Arena Group during the second quarter worth approximately $169,000. DGS Capital Management LLC acquired a new position in The Arena Group during the 4th quarter worth $98,000. Millennium Management LLC boosted its position in The Arena Group by 136.1% in the 4th quarter. Millennium Management LLC now owns 41,662 shares of the company's stock valued at $167,000 after buying an additional 24,017 shares during the last quarter. Bridgeway Capital Management LLC increased its stake in shares of The Arena Group by 63.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 77,600 shares of the company's stock valued at $310,000 after buying an additional 30,000 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of The Arena Group by 90.5% during the fourth quarter. AQR Capital Management LLC now owns 22,421 shares of the company's stock worth $90,000 after acquiring an additional 10,654 shares during the last quarter. Institutional investors and hedge funds own 85.55% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source