The Arena Group (NYSE:AREN) Shares Down 4% – Should You Sell?

The Arena Group Holdings, Inc. (NYSE:AREN)’s stock price dropped 4% on Friday . The company 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’s fifty day moving average price is $1.49 and its 200-day moving average price is $1.24. The company has a market cap of $79.74 million, a price-to-earnings ratio of -0.40 and a beta of 0.48.

Insider Activity at The Arena Group

In other news, Director Christopher Petzel sold 25,000 shares of the stock in a transaction on Friday, January 17th. The stock was 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 owns 25,010 shares of the company’s stock, valued at approximately $30,762.30. This represents a 49.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 74.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On The Arena Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. 272 Capital LP acquired a new position in The Arena Group during the 3rd quarter valued at about $250,000. Geode Capital Management LLC lifted its stake 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. Millennium Management LLC bought a new position in shares of The Arena Group in the fourth quarter valued at approximately $259,000. Northern Trust Corp lifted its position in The Arena Group by 67.5% in the fourth quarter. Northern Trust Corp now owns 79,626 shares of the company’s stock worth $107,000 after purchasing an additional 32,083 shares during the period. Finally, Renaissance Technologies LLC bought a new position in The Arena Group during the 4th quarter valued at $33,000. 85.55% of the stock is currently owned by institutional investors.

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.