The Arena Group (NYSEAMERICAN:PAAI) Stock Lifted to “Hold” by Zacks Research

Zacks Research upgraded shares of The Arena Group (NYSEAMERICAN:PAAI) to a hold rating in a research report report published on Monday,Zacks reports.

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

The Arena Group Stock Performance

NYSEAMERICAN PAAI opened at $1.02 on Monday. The firm has a market cap of $48.56 million, a price-to-earnings ratio of 5.37 and a beta of 0.76. The firm has a 50 day simple moving average of $1.18 and a 200-day simple moving average of $1.45. The Arena Group has a one year low of $0.82 and a one year high of $3.47.

Hedge Funds Weigh In On The Arena Group

A hedge fund recently bought a new position in The Arena Group stock. BlackRock Inc. acquired a new position in shares of The Arena Group Holdings, Inc. (NYSEAMERICAN:PAAI) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 203,946 shares of the company’s stock, valued at approximately $169,000. BlackRock Inc. owned about 0.43% of The Arena Group as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 85.55% of the company’s stock.

The Arena Group Company Profile

The Arena Group, formerly known as Maven, is a digital media company that develops, operates and distributes editorial content across sports, lifestyle, entertainment and financial media. Its business has included digital publications, magazines, newsletters, video and other online content designed to reach targeted audiences.

The company has operated a portfolio of brands that has included Sports Illustrated, TheStreet, Parade and other enthusiast-focused media properties. Its activities have included digital advertising, subscriptions, licensing, e-commerce and brand partnerships, with content distributed primarily through websites, mobile platforms, social media and selected print products.

Founded as Maven in 2016, the company changed its name to The Arena Group Holdings, Inc in 2022 following the expansion of its media portfolio.