The Arena Group (NYSE:AREN) Trading Up 0.4% - Time to Buy?

Key Points

• The Arena Group shares were up 0.4% to $2.30 on Wednesday on light volume (~29,480 shares, down 59% vs. average) and trade below their 50‑day ($2.47) and 200‑day ($3.59) moving averages; market cap is about $109.5M and the P/E is negative (-0.54).
• Lake Street Capital cut its price target from $10 to $8 but maintained a Buy rating, and the consensus from analysts on MarketBeat is an average Buy with a target of $8.
• Institutional investors hold roughly 85.55% of the company, with recent increases and new positions from firms such as Geode (raised holdings 90.8%), Marshall Wace, First Trust, Bridgeway and LPL Financial.

The Arena Group Holdings, Inc. (NYSE:AREN - Get Free Report) was up 0.4% on Wednesday . The stock traded as high as $2.40 and last traded at $2.30. Approximately 29,480 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 72,584 shares. The stock had previously closed at $2.29.

Wall Street Analyst Weigh In

Separately, Lake Street Capital dropped their price objective on The Arena Group from $10.00 to $8.00 and set a "buy" rating for the company in a report on Tuesday, March 17th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $8.00.

The Arena Group Stock Performance

The stock has a market capitalization of $109.49 million, a price-to-earnings ratio of -0.54 and a beta of 0.97. The company has a fifty day simple moving average of $2.47 and a two-hundred day simple moving average of $3.59.

Hedge Funds Weigh In On The Arena Group

A number of institutional investors have recently modified their holdings of AREN. Geode Capital Management LLC raised its holdings in shares of The Arena Group by 90.8% during the 2nd quarter. Geode Capital Management LLC now owns 437,924 shares of the company's stock worth $2,716,000 after buying an additional 208,448 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of The Arena Group during the 2nd quarter worth $333,000. First Trust Advisors LP acquired a new position in shares of The Arena Group during the 3rd quarter worth $200,000. Bridgeway Capital Management LLC raised its holdings in shares of The Arena Group by 63.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 77,600 shares of the company's stock worth $310,000 after buying an additional 30,000 shares in the last quarter. Finally, LPL Financial LLC raised its holdings in shares of The Arena Group by 14.5% during the 4th quarter. LPL Financial LLC now owns 222,405 shares of the company's stock worth $890,000 after buying an additional 28,200 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, 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.

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