Ares Acquisition Co. (NYSE:AAC) Sees Large Increase in Short Interest

Ares Acquisition Co. (NYSE:AACGet Rating) saw a significant increase in short interest during the month of May. As of May 15th, there was short interest totalling 87,800 shares, an increase of 78.8% from the April 30th total of 49,100 shares. Approximately 0.1% of the company’s stock are sold short. Based on an average daily volume of 302,600 shares, the short-interest ratio is currently 0.3 days.

AAC opened at $9.81 on Friday. The firm has a 50-day moving average of $9.81 and a 200 day moving average of $9.78. Ares Acquisition has a fifty-two week low of $9.66 and a fifty-two week high of $9.87.

Institutional investors have recently made changes to their positions in the company. Bank of Montreal Can raised its stake in shares of Ares Acquisition by 67.0% during the first quarter. Bank of Montreal Can now owns 2,684,914 shares of the company’s stock worth $26,339,000 after acquiring an additional 1,077,428 shares in the last quarter. Weiss Asset Management LP boosted its holdings in shares of Ares Acquisition by 168.1% during 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 in the last quarter. Saba Capital Management L.P. boosted its holdings in shares of Ares Acquisition by 162.8% during the 1st quarter. Saba Capital Management L.P. now owns 1,922,133 shares of the company’s stock valued at $18,856,000 after buying an additional 1,190,666 shares in the last quarter. Picton Mahoney Asset Management boosted its holdings in shares of Ares Acquisition by 85.7% during the 1st quarter. Picton Mahoney Asset Management now owns 650,000 shares of the company’s stock valued at $6,376,000 after buying an additional 300,000 shares in the last quarter. Finally, Kohlberg Kravis Roberts & Co. L.P. purchased a new position in shares of Ares Acquisition in the 1st quarter worth about $5,232,000. 64.93% of the stock is currently owned by hedge funds and other institutional investors.

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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