B. Riley Capital Management LLC recently announced the acquisition of new stake in The Arena Group Holdings Inc. (AMEX:AREN). The institutional investor has increased its shareholding in the Communication Services company by 26.80% to 5.94 million shares with purchase of 1.26 million shares. This fresh investment now brings its stake to 32.56% valued currently at $63.02 million. In addition, B. Riley Asset Management LLC raised its holdings by 72675.0 to 1.5 million shares. And The Vanguard Group, Inc. has lifted its position by 204.65% or 0.38 million shares – to 0.56 million shares.
With over 0.11 million The Arena Group Holdings Inc. (AREN) shares trading Tuesday and a closing price of $9.29 on the day, the dollar volume was approximately $1.07 million. The shares have shown a negative half year performance of -10.41% and its price on 01/24/23 gained nearly 15.98%. Currently, there are 18.29M common shares owned by the public and among those 15.01M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for AREN have a consensus price objective of $17.50. The analysts have set the share’s price value over the next 12 months at a high of $19.00 and a low of $16.00. The average price target is 46.91% above its recent price level and an upside to the estimated low will see the stock gain 41.94% over that period. But an upside of 51.11% will see the stock hit the forecast high price target while median target price for the stock is $17.50.
Insiders at the company have transacted a total of 148 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 129 of these insider trades were purchases, accounting for 2,878,285 shares. Insider sales of the common stock occurred on 19 occasions, with total insider shares sold totaling 245,925 shares.
The top 3 mutual fund holders in The Arena Group Holdings Inc. are 180 Degree Capital Corp, Vanguard Total Stock Market Index, and iShares Russell 2000 ETF. 180 Degree Capital Corp owns 0.78 million shares of the company’s stock, all valued at over $8.23 million. The company sold 16187.0 shares recently to bring their total holdings to about 4.25% of the shares outstanding. Vanguard Total Stock Market Index sold 53600.0 shares to see its total holdings shrink to 0.3 million shares valued at over $3.2 million and representing 1.65% of the shares outstanding. iShares Russell 2000 ETF sold 2501.0 shares to bring its total holdings to over 0.24 million shares at a value of $2.54 million. iShares Russell 2000 ETF now owns shares totaling to 1.31% of the shares outstanding.
Shares of The Arena Group Holdings Inc. (AMEX: AREN) opened at $8.09, up $0.08 from a prior closing price of $8.01. However, the script later moved the day high at 9.43, up 15.98%. The company’s stock has a 5-day price change of 10.20% and -29.78% over the past three months. AREN shares are trading -12.44% year to date (YTD), with the 12-month market performance down to -26.69% lower. It has a 12-month low price of $7.43 and touched a high of $16.50 over the same period. AREN has an average intraday trading volume of 31.84K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.61%, -19.32%, and -18.31% respectively.
Institutional ownership of The Arena Group Holdings Inc. (AMEX: AREN) shares accounts for 57.00% of the company’s 18.29M shares outstanding. Mutual fund holders own 34.38%, while other institutional holders and individual stakeholders account for 45.82% and 11.57% respectively.
It has a market capitalization of $166.11M and a beta (3y monthly) value of 0.36. The earnings-per-share (ttm) stands at -$4.86. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.37% over the week and 7.37% over the month.
Analysts forecast that The Arena Group Holdings Inc. (AREN) will achieve an EPS of -$0.92 for the current quarter, -$0.46 for the next quarter and -$2.15 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.98 while analysts give the company a high EPS estimate of -$0.87. Earnings per share for the fiscal year are expected to increase by 84.30%, and 43.10% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate The Arena Group Holdings Inc. (AREN) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 0 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”