Lake Street Capital Cuts The Arena Group (NYSE:AREN) Price Target to $8.00

The Arena Group (NYSE:AREN) had its target price reduced by Lake Street Capital from $10.00 to $8.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

The Arena Group Stock Up 9.0%

Shares of The Arena Group stock opened at $2.55 on Tuesday. The firm has a market cap of $121.32 million, a PE ratio of -0.60 and a beta of 0.90. The Arena Group has a 52 week low of $1.46 and a 52 week high of $10.05. The business’s fifty day simple moving average is $3.42 and its 200-day simple moving average is $4.33.

Hedge Funds Weigh In On The Arena Group

Several large investors have recently bought and sold shares of AREN. Geode Capital Management LLC raised its position in shares of 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 acquiring an additional 208,448 shares in the last quarter. Marshall Wace LLP acquired a new stake in The Arena Group during the second quarter worth approximately $333,000. First Trust Advisors LP purchased a new stake in shares of The Arena Group during the 3rd quarter worth approximately $200,000. Bridgeway Capital Management LLC boosted its holdings 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 in the last quarter. Finally, LPL Financial LLC grew its position in shares of The Arena Group by 14.5% in the 4th quarter. LPL Financial LLC now owns 222,405 shares of the company’s stock valued at $890,000 after buying an additional 28,200 shares during the last quarter. Hedge funds and other institutional investors 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.