The incident occurred in Crescent Road at around 23:00.
The victim, who is from Shanklin, was taken to hospital where he is being treated in intensive care.
A 19-year-old man from Newport, a 31-year-old man from Sandown and a 34-year-old man from Ryde have been arrested on suspicion of causing grievous bodily harm. The trio remain in custody at this time.
Island Echo is told that trouble has been brewing in the area in recent days due to a number of individuals being temporarily housed in a nearby hotel between Crescent Road and Culver Parade, in response to the COVID-19 directions.
Inspector Adam Henderson-Parish has said:
“We would like to assure the community that we are conducting increased police patrols in the area and carrying out enquiries. If you have any concerns, please don’t hesitate to speak to one of our officers.”
If anyone has any information about this incident, please get in touch by calling 101 and quoting Operation Romulus. Alternatively, call Crimestoppers anonymously on 0800 555 111, quoting the same reference.