Arena Group (NYSE:AREN) rating downgraded to stay at Zacks Investment Research



Zacks Investment Research cut shares by The Arena Group (NYSE: AREN – Get Note) from a buy rating to a hold rating in a research report sent to investors Friday morning, Zacks.com reports.

According to Zacks, “Integrated Surgical Systems designs, manufactures, sells, and services image-directed, computer-controlled robotic products for use in orthopedic and neurosurgical procedures.”

Separately, B. Riley raised his price target on The Arena Group from $17.50 to $19.50 in a Friday, April 29 research report.

Shares of AREN rose $0.22 midday Friday, hitting $11.62. The company had a trading volume of 55,540 shares, compared to an average volume of 41,861. Arena Group has a 1-year low of $7.50 and a 1-year high of $15.40. The company has a 50-day simple moving average of $9.91.

Arena Group (NYSE:AREN – Get Rating) last released its quarterly earnings data on Monday, March 28. The company reported ($1.57) earnings per share (EPS) for the quarter. The company posted revenue of $61.21 million in the quarter, compared to $57.10 million expected by analysts. On average, stock analysts expect The Arena Group to post -2.45 EPS for the current year.

Separately, major shareholder B. Riley Financial, Inc. purchased 47,649 shares of the company in a transaction on Friday, May 6. The stock was purchased at an average cost of $13.23 per share, with a total value of $630,396.27. Following the transaction, the insider now directly owns 1,208,611 shares of the company, valued at approximately $15,989,923.53. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this link. Insiders own 8.31% of the shares of the company.

Several institutional investors and hedge funds have recently changed their positions in AREN. Northern Trust Corp bought a new equity position in The Arena Group in Q1 worth around $124,000. Rock Creek Group LP purchased a new stake in The Arena Group during the first quarter valued at approximately $127,000. Renaissance Technologies LLC acquired a new stake in The Arena Group during the first quarter valued at approximately $365,000. Invenire Partners LP acquired a new stake in The Arena Group during the first quarter valued at approximately $459,000. Finally, Vanguard Group Inc. purchased a new stake in The Arena Group during the first quarter worth approximately $1,612,000.

About Arena Group (Get an evaluation)

The Arena Group Holdings, Inc, together with its subsidiaries, operates a 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 technologies.

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