The Arena Group (NYSE:AREN) Shares Up 5% – What’s Next?

Shares of The Arena Group Holdings, Inc. (NYSE:AREN) were up 5% during trading on Thursday . The stock traded as high as $1.28 and last traded at $1.26. Approximately 13,116 shares changed hands during trading, a decline of 69% from the average daily volume of 42,782 shares. The stock had previously closed at $1.20.

The Arena Group Stock Performance

The firm’s 50 day moving average price is $1.37 and its two-hundred day moving average price is $1.02. The company has a market cap of $59.81 million, a P/E ratio of -0.30 and a beta of 0.48.

Institutional Investors Weigh In On The Arena Group

A hedge fund recently bought a new stake in The Arena Group stock. 272 Capital LP acquired a new position in shares of The Arena Group Holdings, Inc. (NYSE:AREN) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 308,274 shares of the company’s stock, valued at approximately $250,000. 272 Capital LP owned approximately 0.65% of The Arena Group at the end of the most recent reporting period. 85.55% of the stock is owned by institutional investors and hedge funds.

About The Arena Group

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.