The Arena Group (NYSE:AREN) Shares Down 4% - Here's Why

The Arena Group Holdings, Inc. (NYSE:AREN - Get Free Report)'s share price was down 4% during trading on Friday . The stock traded as low as $1.68 and last traded at $1.68. Approximately 19,791 shares changed hands during trading, a decline of 96% from the average daily volume of 473,944 shares. The stock had previously closed at $1.75.

The Arena Group Price Performance

The firm has a market cap of $82.83 million, a price-to-earnings ratio of -0.41 and a beta of 0.48. The business's 50-day moving average price is $1.50 and its two-hundred day moving average price is $1.25.

Insiders Place Their Bets

In other news, Director Christopher Petzel sold 25,000 shares of The Arena Group stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $1.23, for a total value of $30,750.00. Following the completion of the transaction, the director now directly owns 25,010 shares of the company's stock, valued at approximately $30,762.30. The trade was a 49.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 74.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On The Arena Group

A number of large investors have recently bought and sold shares of AREN. 272 Capital LP bought a new stake in shares of The Arena Group in the 3rd quarter worth approximately $250,000. Millennium Management LLC bought a new stake in The Arena Group in the fourth quarter valued at $259,000. Northern Trust Corp boosted its holdings in shares of The Arena Group by 67.5% during the fourth quarter. Northern Trust Corp now owns 79,626 shares of the company's stock valued at $107,000 after acquiring an additional 32,083 shares during the period. Renaissance Technologies LLC bought a new position in shares of The Arena Group during the fourth quarter worth about $33,000. Finally, Geode Capital Management LLC increased its holdings in shares of The Arena Group by 117.1% in the 4th quarter. Geode Capital Management LLC now owns 222,340 shares of the company's stock worth $298,000 after acquiring an additional 119,915 shares during the period. Institutional investors own 85.55% of the company's stock.

The Arena Group Company Profile

The Arena Group Holdings, Inc, together with its subsidiaries, operates digital media platform in the United States and internationally. The company offers the Platform, a proprietary online publishing platform comprising publishing tools, video platforms, social distribution channels, newsletter technology, machine learning content recommendations, notifications, and other technology.