Fintel reports that B. Riley Financial has filed a 13D/A form with the SEC disclosing ownership of 6.95MM shares of The Arena Group Holdings, Inc. Common Stock (AREN). This represents 31.9% of the company.
In their previous filing dated December 30, 2022 they reported 5.94MM shares and 32.60% of the company, an increase in shares of 16.99% and a decrease in total ownership of 0.70% (calculated as current – previous percent ownership).
Analyst Price Forecast Suggests 268.99% Upside
As of March 30, 2023, the average one-year price target for Arena Group Holdings, Inc. is $14.28. The forecasts range from a low of $14.14 to a high of $14.70. The average price target represents an increase of 268.99% from its latest reported closing price of $3.87.
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The projected annual revenue for Arena Group Holdings, Inc. is $263MM, an increase of 19.17%. The projected annual non-GAAP EPS is -$2.30.
What is the Fund Sentiment?
There are 126 funds or institutions reporting positions in Arena Group Holdings, Inc.. This is an increase of 5 owner(s) or 4.13% in the last quarter. Average portfolio weight of all funds dedicated to AREN is 0.35%, an increase of 3.62%. Total shares owned by institutions increased in the last three months by 43.98% to 14,657K shares. The put/call ratio of AREN is 3.22, indicating a bearish outlook.
What are Large Shareholders Doing?
B. Riley Fbr holds 4,593K shares representing 25.36% ownership of the company.
272 Capital holds 1,573K shares representing 8.69% ownership of the company. In it’s prior filing, the firm reported owning 1,500K shares, representing an increase of 4.63%. The firm decreased its portfolio allocation in AREN by 29.25% over the last quarter.
180 Degree Capital holds 768K shares representing 4.24% ownership of the company. In it’s prior filing, the firm reported owning 775K shares, representing a decrease of 0.98%. The firm increased its portfolio allocation in AREN by 2.87% over the last quarter.
Boothbay Fund Management holds 405K shares representing 2.24% ownership of the company. In it’s prior filing, the firm reported owning 308K shares, representing an increase of 23.92%. The firm decreased its portfolio allocation in AREN by 1.32% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 302K shares representing 1.67% ownership of the company. In it’s prior filing, the firm reported owning 355K shares, representing a decrease of 17.77%. The firm decreased its portfolio allocation in AREN by 36.49% over the last quarter.
This article originally appeared on Fintel
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