The Arena Group (NYSE:AREN) Trading Down 0.4% - Here's What Happened

Key Points

• The Arena Group's shares fell 0.4% to $6.72, with 110,297 shares traded, marking a 36% decline in volume from the average.
• Lake Street Capital initiated coverage with a "buy" rating and a target price of $10.00 per share.
• Institutional investors own approximately 85.55% of The Arena Group's stock, with notable increases in holdings from firms like Northern Trust and Geode Capital Management.

Shares of The Arena Group Holdings, Inc. (NYSE:AREN - Get Free Report) fell 0.4% during trading on Monday . The stock traded as low as $6.40 and last traded at $6.72. 110,297 shares were traded during trading, a decline of 36% from the average session volume of 172,234 shares. The stock had previously closed at $6.75.

Analyst Ratings Changes

Separately, Lake Street Capital assumed coverage on The Arena Group in a research report on Monday, July 21st. They issued a "buy" rating and a $10.00 target price on the stock.

The Arena Group Stock Down 0.4%

The company has a market cap of $319.61 million, a PE ratio of -1.58 and a beta of 0.61. The business has a 50-day simple moving average of $5.92 and a 200-day simple moving average of $4.04.

The Arena Group (NYSE:AREN - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The company reported $0.08 EPS for the quarter.

Hedge Funds Weigh In On The Arena Group

Several institutional investors have recently modified their holdings of AREN. Renaissance Technologies LLC acquired a new position in shares of The Arena Group during the fourth quarter worth $33,000. Northern Trust Corp grew its stake in shares of The Arena Group by 67.5% during the fourth quarter. Northern Trust Corp now owns 79,626 shares of the company's stock worth $107,000 after purchasing an additional 32,083 shares in the last quarter. Millennium Management LLC acquired a new position in shares of The Arena Group during the fourth quarter worth $259,000. Finally, Geode Capital Management LLC grew its stake in shares of The Arena Group by 117.1% during the fourth quarter. Geode Capital Management LLC now owns 222,340 shares of the company's stock worth $298,000 after purchasing an additional 119,915 shares in the last quarter. Institutional investors and hedge funds own 85.55% of the company's stock.

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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