The Arena Group (NYSE:AREN) Shares Up 2.6% – What’s Next?

The Arena Group Holdings, Inc. (NYSE:AREN) shares shot up 2.6% on Wednesday . The company traded as high as $6.78 and last traded at $6.65. 120,839 shares traded hands during trading, a decline of 37% from the average session volume of 192,104 shares. The stock had previously closed at $6.48.

Analyst Ratings Changes

Separately, Lake Street Capital lifted their price target on shares of The Arena Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, August 15th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $12.00.

The Arena Group Stock Performance

The company’s 50 day moving average price is $6.28 and its 200 day moving average price is $5.07. The company has a market cap of $315.65 million, a price-to-earnings ratio of -1.56 and a beta of 0.67.

Institutional Investors Weigh In On The Arena Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC acquired a new stake in shares of The Arena Group in the 4th quarter valued at $259,000. Northern Trust Corp lifted its position in The Arena Group by 67.5% during the 4th quarter. Northern Trust Corp now owns 79,626 shares of the company’s stock worth $107,000 after buying an additional 32,083 shares in the last quarter. Geode Capital Management LLC lifted its position in The Arena Group by 90.8% during the 2nd quarter. Geode Capital Management LLC now owns 437,924 shares of the company’s stock worth $2,716,000 after buying an additional 208,448 shares in the last quarter. Marshall Wace LLP acquired a new position in The Arena Group during the 2nd quarter worth about $333,000. Finally, New York State Common Retirement Fund acquired a new position in The Arena Group during the 2nd quarter worth about $97,000. Institutional investors and hedge funds own 85.55% of the company’s stock.

About The Arena Group

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