Ares Acquisition Co. (NYSE:AAC – Get Rating) saw a large decline in short interest in April. As of April 30th, there was short interest totalling 49,100 shares, a decline of 16.2% from the April 15th total of 58,600 shares. Based on an average daily volume of 282,500 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.1% of the shares of the company are short sold.
Shares of AAC opened at $9.79 on Tuesday. Ares Acquisition has a twelve month low of $9.66 and a twelve month high of $9.87. The stock’s 50 day moving average is $9.80 and its two-hundred day moving average is $9.78.
Institutional investors and hedge funds have recently made changes to their positions in the business. PenderFund Capital Management Ltd. boosted its holdings in Ares Acquisition by 392.3% in the 4th quarter. PenderFund Capital Management Ltd. now owns 6,400 shares of the company’s stock valued at $79,000 after purchasing an additional 5,100 shares in the last quarter. Karpus Management Inc. acquired a new stake in shares of Ares Acquisition during the 1st quarter valued at approximately $147,000. Levin Capital Strategies L.P. acquired a new stake in shares of Ares Acquisition during the 4th quarter valued at approximately $195,000. Evolution Capital Management LLC acquired a new stake in shares of Ares Acquisition during the 4th quarter valued at approximately $250,000. Finally, Clear Harbor Asset Management LLC lifted its position in shares of Ares Acquisition by 27.7% during the 4th quarter. Clear Harbor Asset Management LLC now owns 34,618 shares of the company’s stock valued at $337,000 after acquiring an additional 7,500 shares during the period. 64.93% of the stock is currently owned by institutional investors.
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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