The Arena Group (NYSE:AREN) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of The Arena Group (NYSE:AREN – Get Rating) from a hold rating to a buy rating in a research note published on Monday, Zacks.com reports. They currently have $13.00 price target on the stock.

According to Zacks, “Integrated Surgical Systems designs, manufactures, sells and services image-directed, computer controlled robotic products for use in orthopaedic and neurosurgical procedures.”

Separately, B. Riley boosted their target price on shares of The Arena Group from $17.50 to $19.50 in a research report on Friday, April 29th.

AREN opened at $9.92 on Monday. The Arena Group has a 52-week low of $7.50 and a 52-week high of $15.40. The stock’s 50 day simple moving average is $9.94.

The Arena Group (NYSE:AREN – Get Rating) last released its quarterly earnings data on Monday, March 28th. The company reported ($1.57) earnings per share (EPS) for the quarter. The business had revenue of $61.21 million for the quarter, compared to the consensus estimate of $57.10 million. As a group, sell-side analysts predict that The Arena Group will post -2.45 EPS for the current year.

In other news, major shareholder B. Riley Financial, Inc. bought 47,649 shares of The Arena Group stock in a transaction dated Friday, May 6th. The shares were acquired at an average cost of $13.23 per share, with a total value of $630,396.27. Following the completion of the transaction, the insider now owns 1,208,611 shares in the company, valued at approximately $15,989,923.53. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 8.31% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. B. Riley Financial Inc. acquired a new stake in The Arena Group in the first quarter valued at $49,740,000. B. Riley Asset Management LLC acquired a new stake in The Arena Group in the first quarter valued at $11,830,000. Vanguard Group Inc. acquired a new stake in The Arena Group in the first quarter valued at $1,612,000. Invenire Partners LP acquired a new stake in The Arena Group in the first quarter valued at $459,000. Finally, Renaissance Technologies LLC acquired a new stake in The Arena Group in the first quarter valued at $365,000.

About The Arena Group (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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