The Arena Group Holdings, Inc. (NYSEAMERICAN:PAAI – Get Free Report) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totaling 1,064,453 shares, a growth of 113.1% from the September 15th total of 499,392 shares. Currently, 8.3% of the shares of the stock are short sold. Based on an average trading volume of 10,208,924 shares, the days-to-cover ratio is presently 0.1 days.
The Arena Group Stock Down 2.2%
Shares of NYSEAMERICAN:PAAI traded down $0.02 during mid-day trading on Thursday, reaching $0.88. 84,456 shares of the stock were exchanged, compared to its average volume of 3,732,085. The Arena Group has a one year low of $0.82 and a one year high of $3.47. The stock’s 50 day simple moving average is $1.15 and its 200-day simple moving average is $1.39. The company has a market cap of $41.90 million, a P/E ratio of 4.63 and a beta of 0.76.
Wall Street Analysts Forecast Growth
PAAI has been the topic of several recent research reports. Lake Street Capital cut The Arena Group from a “buy” rating to a “hold” rating and decreased their price target for the company from $6.00 to $2.00 in a report on Tuesday, August 11th. Zacks Research upgraded shares of The Arena Group to a “hold” rating in a research report on Monday, October 5th. Two equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, The Arena Group presently has a consensus rating of “Hold” and a consensus price target of $2.00.
Institutional Trading of The Arena Group
A hedge fund recently bought a new position in The Arena Group stock. BlackRock Inc. acquired a new position in shares of The Arena Group Holdings, Inc. (NYSEAMERICAN:PAAI – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 203,946 shares of the company’s stock, valued at approximately $169,000. BlackRock Inc. owned about 0.43% of The Arena Group as of its most recent SEC filing. Institutional investors own 85.55% of the company’s stock.
About The Arena Group
The Arena Group, formerly known as Maven, is a digital media company that develops, operates and distributes editorial content across sports, lifestyle, entertainment and financial media. Its business has included digital publications, magazines, newsletters, video and other online content designed to reach targeted audiences.
The company has operated a portfolio of brands that has included Sports Illustrated, TheStreet, Parade and other enthusiast-focused media properties. Its activities have included digital advertising, subscriptions, licensing, e-commerce and brand partnerships, with content distributed primarily through websites, mobile platforms, social media and selected print products.
Founded as Maven in 2016, the company changed its name to The Arena Group Holdings, Inc in 2022 following the expansion of its media portfolio.
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