Digital media firm now up 45%

Article Excerpt

ARENA GROUP HOLDINGS INC. $12 is a hold. The company (New York symbol AREN; Consumer sector; Shares outstanding: 17.8 million; Market cap: $213.6 million; No dividend paid; Takeover Target Rating: Medium; www.thearenagroup.net) publishes a variety of print magazines and websites, including Sports Illustrated and theStreet.com. Arena, formerly known as theMaven, Inc., sold 4.18 million shares to the public at $8.25 a share in February 2022. It used the net proceeds of $30.5 million to buy AMG/Parade for $16.3 million. That firm owns several print and digital titles, such as Parade Media, Relish, and Spry Living. The stock is now up 45% since the share sale. However, the company will probably lose $3.66 a share this year, and another $1.74 in 2023. Arena Group is a hold. hold…

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