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