The Arena Group (NYSE:AREN) Trading Down 6.5% – Here’s Why

The Arena Group Holdings, Inc. (NYSE:AREN)’s share price was down 6.5% during trading on Thursday . The company traded as low as $3.19 and last traded at $3.19. Approximately 45,096 shares traded hands during trading, a decline of 36% from the average daily volume of 70,778 shares. The stock had previously closed at $3.41.

The Arena Group Stock Down 6.5%

The firm has a market cap of $151.77 million, a PE ratio of -0.75 and a beta of 0.88. The company’s fifty day moving average price is $4.05 and its two-hundred day moving average price is $5.04.

Hedge Funds Weigh In On The Arena Group

A number of large investors have recently modified their holdings of the business. BNP Paribas Financial Markets raised its stake in shares of The Arena Group by 158.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,366 shares of the company’s stock worth $29,000 after buying an additional 3,290 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in The Arena Group during the third quarter worth $30,000. JPMorgan Chase & Co. raised its position in The Arena Group by 7,295.2% in the second quarter. JPMorgan Chase & Co. now owns 6,138 shares of the company’s stock worth $38,000 after acquiring an additional 6,055 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in The Arena Group in the second quarter valued at $44,000. Finally, State of Wyoming purchased a new stake in shares of The Arena Group during the 2nd quarter worth $68,000. 85.55% of the stock is 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.