The Arena Group (NYSE:AREN) Trading Down 4.3% – Here’s Why

The Arena Group Holdings, Inc. (NYSE:AREN)’s stock price dropped 4.3% on Friday . The company traded as low as $2.89 and last traded at $2.89. Approximately 42,736 shares traded hands during trading, a decline of 33% from the average daily volume of 63,998 shares. The stock had previously closed at $3.02.

The Arena Group Price Performance

The business’s 50 day simple moving average is $3.75 and its 200 day simple moving average is $4.67. The company has a market capitalization of $137.50 million, a price-to-earnings ratio of -0.68 and a beta of 0.88.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Magnolia Capital Advisors LLC acquired a new stake in shares of The Arena Group in the 4th quarter worth $88,000. Centiva Capital LP acquired a new position in shares of The Arena Group during the third quarter worth about $87,000. Verition Fund Management LLC purchased a new position in The Arena Group during the third quarter worth about $80,000. Bank of America Corp DE lifted its position in The Arena Group by 103.2% in the second quarter. Bank of America Corp DE now owns 12,474 shares of the company’s stock valued at $77,000 after purchasing an additional 6,335 shares during the period. Finally, State of Wyoming purchased a new stake in The Arena Group in the 2nd quarter valued at approximately $68,000. Institutional investors and hedge funds own 85.55% of the company’s stock.

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.