The Arena Group (NYSE:AREN) Cut to “Hold” at Lake Street Capital

Lake Street Capital lowered shares of The Arena Group (NYSE:AREN) from a buy rating to a hold rating in a report published on Tuesday morning, MarketBeat reports. The brokerage currently has $2.00 price target on the stock, down from their previous price target of $6.00.

The Arena Group Stock Down 8.5%

AREN stock opened at $1.19 on Tuesday. The stock has a market capitalization of $56.65 million, a price-to-earnings ratio of -0.28 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. The stock’s fifty day simple moving average is $1.14 and its 200-day simple moving average is $2.03.

Institutional Trading of The Arena Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake 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 valued at $2,716,000 after acquiring an additional 208,448 shares during the last quarter. State Street Corp lifted its holdings in shares of The Arena Group by 2.0% during the 4th quarter. State Street Corp now owns 288,125 shares of the company’s stock worth $1,152,000 after acquiring an additional 5,706 shares during the period. LPL Financial LLC increased its position in The Arena Group by 14.5% during the fourth quarter. LPL Financial LLC now owns 222,405 shares of the company’s stock worth $890,000 after purchasing an additional 28,200 shares during the last quarter. BlackRock Inc. acquired a new position in The Arena Group during the second quarter worth approximately $169,000. Finally, Bridgeway Capital Management LLC raised its stake in The Arena Group by 63.0% during the fourth quarter. Bridgeway Capital Management LLC now owns 77,600 shares of the company’s stock worth $310,000 after purchasing an additional 30,000 shares during the period. Hedge funds and other institutional investors 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.