The Arena Group (NYSE:AREN) Stock Rating Lowered by Lake Street Capital

The Arena Group (NYSE:AREN) was downgraded by equities research analysts at Lake Street Capital from a “buy” rating to a “hold” rating in a report released on Tuesday, MarketBeat.com reports. They currently have a $2.00 price target on the stock. Lake Street Capital’s price target indicates a potential downside of 9.09% from the stock’s previous close.

The Arena Group Stock Performance

The Arena Group stock opened at $2.20 on Tuesday. The business’s fifty day moving average is $1.14 and its two-hundred day moving average is $2.08. The firm has a market cap of $104.73 million, a P/E ratio of -0.52 and a beta of 0.95. The Arena Group has a 52 week low of $0.81 and a 52 week high of $7.85.

Institutional Investors Weigh In On The Arena Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AREN. BlackRock Inc. acquired a new position in shares of The Arena Group during the second quarter worth approximately $169,000. DGS Capital Management LLC acquired a new position in The Arena Group during the 4th quarter worth $98,000. Millennium Management LLC boosted its position in The Arena Group by 136.1% in the 4th quarter. Millennium Management LLC now owns 41,662 shares of the company’s stock valued at $167,000 after buying an additional 24,017 shares during the last quarter. Bridgeway Capital Management LLC increased its stake in shares of The Arena Group by 63.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 77,600 shares of the company’s stock valued at $310,000 after buying an additional 30,000 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of The Arena Group by 90.5% during the fourth quarter. AQR Capital Management LLC now owns 22,421 shares of the company’s stock worth $90,000 after acquiring an additional 10,654 shares during the last quarter. Institutional investors and hedge funds own 85.55% of the company’s stock.

The Arena Group Company Profile

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.