The Arena Group (NYSE:AREN) Now Covered by Analysts at Lake Street Capital

Equities researchers at Lake Street Capital initiated coverage on shares of The Arena Group (NYSE:AREN) in a research report issued to clients and investors on Monday. The brokerage set a “buy” rating and a $10.00 price target on the stock. Lake Street Capital’s price target suggests a potential upside of 84.16% from the company’s previous close.

The Arena Group Trading Up 3.6%

Shares of NYSE AREN traded up $0.19 during trading on Monday, reaching $5.43. 22,095 shares of the company traded hands, compared to its average volume of 551,064. The firm’s fifty day simple moving average is $6.04 and its 200 day simple moving average is $3.47. The stock has a market cap of $258.26 million, a P/E ratio of -1.28 and a beta of 0.59. The Arena Group has a 12-month low of $0.56 and a 12-month high of $10.05.

The Arena Group (NYSE:AREN) last announced its quarterly earnings results on Thursday, May 15th. The company reported $0.08 earnings per share for the quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AREN. Geode Capital Management LLC boosted its holdings in shares of The Arena Group by 117.1% during the 4th quarter. Geode Capital Management LLC now owns 222,340 shares of the company’s stock worth $298,000 after purchasing an additional 119,915 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of The Arena Group during the 4th quarter worth approximately $33,000. Northern Trust Corp raised its position in shares of The Arena Group by 67.5% during the 4th quarter. Northern Trust Corp now owns 79,626 shares of the company’s stock valued at $107,000 after buying an additional 32,083 shares during the period. Finally, Millennium Management LLC purchased a new stake in shares of The Arena Group during the 4th quarter valued at approximately $259,000. 85.55% of the stock is currently owned by institutional investors and hedge funds.

The Arena Group Company Profile

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.