Ares Acquisition Co. (NYSE:AAC) Short Interest Up 68.2% in March

Ares Acquisition Co. (NYSE:AACGet Rating) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 160,100 shares, a growth of 68.2% from the March 15th total of 95,200 shares. Approximately 0.2% of the company’s shares are sold short. Based on an average daily trading volume, of 313,800 shares, the days-to-cover ratio is presently 0.5 days.

Shares of AAC stock traded down $0.02 on Friday, hitting $9.82. The stock had a trading volume of 14,552 shares, compared to its average volume of 309,091. Ares Acquisition has a 1 year low of $9.66 and a 1 year high of $10.00. The company’s 50 day moving average price is $9.77 and its 200-day moving average price is $9.78.

Several hedge funds have recently bought and sold shares of AAC. Weiss Asset Management LP raised its holdings in shares of Ares Acquisition by 168.1% in the 3rd quarter. Weiss Asset Management LP now owns 2,299,395 shares of the company’s stock valued at $22,396,000 after buying an additional 1,441,643 shares during the period. Bank of Montreal Can raised its holdings in shares of Ares Acquisition by 60.7% in the 4th quarter. Bank of Montreal Can now owns 1,607,486 shares of the company’s stock valued at $15,721,000 after buying an additional 607,486 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of Ares Acquisition in the 3rd quarter valued at $4,870,000. Allianz Asset Management GmbH purchased a new stake in Ares Acquisition during the 4th quarter worth about $1,140,000. Finally, Centiva Capital LP purchased a new stake in Ares Acquisition during the 4th quarter worth about $974,000. Hedge funds and other institutional investors own 53.71% of the company’s stock.

About Ares Acquisition (Get Rating)

Ares Acquisition Corporation does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2020 and is based in New York, New York.

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