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Ares Acquisition (NYSE:AAC) Stock Crosses Above 50 Day Moving Average of $9.90

Ares Acquisition Co. (NYSE:AACGet Rating) passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $9.90 and traded as high as $9.94. Ares Acquisition shares last traded at $9.93, with a volume of 114,036 shares changing hands.

Ares Acquisition Price Performance

The company has a fifty day simple moving average of $9.90 and a 200-day simple moving average of $9.84.

Hedge Funds Weigh In On Ares Acquisition

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new position in Ares Acquisition during the 2nd quarter worth approximately $53,000. Condor Capital Management purchased a new position in Ares Acquisition during the 2nd quarter worth approximately $55,000. PenderFund Capital Management Ltd. grew its position in Ares Acquisition by 392.3% during the 4th quarter. PenderFund Capital Management Ltd. now owns 6,400 shares of the company’s stock worth $79,000 after purchasing an additional 5,100 shares in the last quarter. Trexquant Investment LP purchased a new position in Ares Acquisition during the 2nd quarter worth approximately $102,000. Finally, Karpus Management Inc. purchased a new position in shares of Ares Acquisition during the 1st quarter valued at $147,000. 72.01% of the stock is currently owned by hedge funds and other institutional investors.

Ares Acquisition Company Profile

(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.

Further Reading

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