The Arena Group (NYSE:AREN) Trading Up 19.1% – What’s Next?

The Arena Group Holdings, Inc. (NYSE:AREN) shot up 19.1% during trading on Tuesday . The company traded as high as $1.37 and last traded at $1.12. 16,878,661 shares were traded during trading, an increase of 8,418% from the average session volume of 198,162 shares. The stock had previously closed at $0.94.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital lowered shares of The Arena Group from a “buy” rating to a “hold” rating and cut their target price for the company from $6.00 to $2.00 in a report on Tuesday, August 11th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2.00.

The Arena Group Trading Up 19.1%

The firm’s 50-day moving average price is $1.09 and its 200-day moving average price is $1.79. The stock has a market capitalization of $53.32 million, a PE ratio of -0.26 and a beta of 0.95.

Institutional Investors Weigh In On The Arena Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AREN. BlackRock Inc. bought a new stake in shares of The Arena Group in the 2nd quarter valued at approximately $169,000. DGS Capital Management LLC bought a new position in shares of The Arena Group during the 4th quarter valued at approximately $98,000. Millennium Management LLC increased its position in shares of The Arena Group by 136.1% during the 4th quarter. Millennium Management LLC now owns 41,662 shares of the company’s stock valued at $167,000 after purchasing an additional 24,017 shares during the last quarter. Bridgeway Capital Management LLC raised its holdings in The Arena Group by 63.0% during 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 holdings in The Arena Group by 90.5% during the 4th quarter. AQR Capital Management LLC now owns 22,421 shares of the company’s stock valued at $90,000 after buying an additional 10,654 shares during the period. 85.55% of the stock is currently owned by hedge funds and other institutional investors.

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.