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

The Arena Group Holdings, Inc. (NYSE:AREN) shares were down 6.5% during mid-day trading on Thursday . The company traded as low as $3.19 and last traded at $3.19. Approximately 45,096 shares changed hands during mid-day 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 Price Performance

The company has a 50-day simple moving average of $4.04 and a 200-day simple moving average of $5.03. The firm has a market cap of $156.53 million, a PE ratio of -0.77 and a beta of 0.88.

Institutional Trading of The Arena Group

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