Lake Street Capital Has Lowered Expectations for The Arena Group (NYSE:AREN) Stock Price

The Arena Group (NYSE:AREN) had its price target lowered by equities researchers at Lake Street Capital from $10.00 to $8.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Lake Street Capital’s price objective indicates a potential upside of 252.73% from the company’s current price.

The Arena Group Price Performance

Shares of AREN stock traded down $0.71 during trading on Tuesday, reaching $2.27. The company’s stock had a trading volume of 94,074 shares, compared to its average volume of 58,853. The company has a market capitalization of $107.91 million, a price-to-earnings ratio of -0.53 and a beta of 0.90. The stock’s 50-day moving average price is $3.52 and its 200 day moving average price is $4.38. The Arena Group has a 1-year low of $1.46 and a 1-year high of $10.05.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its stake in 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 purchasing an additional 208,448 shares in the last quarter. JPMorgan Chase & Co. raised its position in The Arena Group by 7,295.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,138 shares of the company’s stock valued at $38,000 after purchasing an additional 6,055 shares in the last quarter. New York State Common Retirement Fund purchased a new position in shares of The Arena Group in the 2nd quarter valued at about $97,000. Marshall Wace LLP acquired a new position in shares of The Arena Group during the second quarter worth about $333,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of The Arena Group during the second quarter worth about $44,000. 85.55% of the stock is currently owned by hedge funds and other institutional investors.

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.