The Arena Group Holdings, Inc. (NYSE:AREN) Major Shareholder Acquires $630,396.27 in Stock

The Arena Group Holdings, Inc. (NYSE:AREN – Get Rating) major shareholder B. Riley Financial, Inc. acquired 47,649 shares of The Arena Group stock in a transaction that occurred on Friday, May 6th. The stock was bought at an average price of $13.23 per share, for a total transaction of $630,396.27. Following the completion of the acquisition, the insider now owns 1,208,611 shares in the company, valued at approximately $15,989,923.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

NYSE AREN opened at $13.15 on Wednesday. The firm has a market cap of $234.18 million, a P/E ratio of -4.44 and a beta of 0.40. The firm has a 50-day moving average price of $9.57. The Arena Group Holdings, Inc. has a 1-year low of $7.50 and a 1-year high of $15.40.

The Arena Group (NYSE:AREN – Get Rating) last announced its quarterly earnings data on Monday, March 28th. The company reported ($1.57) EPS for the quarter. The firm had revenue of $61.21 million during the quarter, compared to analyst estimates of $57.10 million. As a group, equities analysts forecast that The Arena Group Holdings, Inc. will post -2.25 EPS for the current fiscal year.

An institutional investor recently bought a new position in The Arena Group stock. B. Riley Financial Inc. acquired a new position in shares of The Arena Group Holdings, Inc. (NYSE:AREN – Get Rating) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,592,793 shares of the company’s stock, valued at approximately $49,740,000. The Arena Group makes up approximately 8.6% of B. Riley Financial Inc.’s holdings, making the stock its 3rd biggest position. B. Riley Financial Inc. owned approximately 25.79% of The Arena Group at the end of the most recent reporting period.

Several research firms have weighed in on AREN. B. Riley lifted their target price on The Arena Group from $17.50 to $19.50 in a research report on Friday, April 29th. Zacks Investment Research raised The Arena Group from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research report on Tuesday.

The Arena Group Company Profile (Get Rating)

The Arena Group Holdings, Inc, together with its subsidiaries, operates digital media platform 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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