Ares Acquisition Co. II (NYSE:AACT) Sees Large Volume Increase – Still a Buy?

Shares of Ares Acquisition Co. II (NYSE:AACT) saw unusually-high trading volume on Wednesday . Approximately 1,063,826 shares traded hands during mid-day trading, an increase of 234% from the previous session’s volume of 318,945 shares.The stock last traded at $11.14 and had previously closed at $11.16.

Ares Acquisition Co. II Stock Performance

The business’s 50 day simple moving average is $11.03 and its two-hundred day simple moving average is $10.92.

Institutional Investors Weigh In On Ares Acquisition Co. II

A number of hedge funds have recently added to or reduced their stakes in the stock. D. E. Shaw & Co. Inc. raised its stake in Ares Acquisition Co. II by 2.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,475,000 shares of the company’s stock valued at $27,176,000 after buying an additional 61,500 shares during the last quarter. Toronto Dominion Bank purchased a new stake in Ares Acquisition Co. II during the 4th quarter valued at $21,519,000. Berkley W R Corp raised its stake in Ares Acquisition Co. II by 6.6% during the 4th quarter. Berkley W R Corp now owns 1,608,763 shares of the company’s stock valued at $17,664,000 after buying an additional 99,740 shares during the last quarter. Wolverine Asset Management LLC raised its stake in Ares Acquisition Co. II by 17.7% during the 4th quarter. Wolverine Asset Management LLC now owns 808,594 shares of the company’s stock valued at $8,878,000 after buying an additional 121,655 shares during the last quarter. Finally, Bulldog Investors LLP raised its stake in Ares Acquisition Co. II by 54.9% during the 4th quarter. Bulldog Investors LLP now owns 523,243 shares of the company’s stock valued at $5,745,000 after buying an additional 185,556 shares during the last quarter. 72.95% of the stock is currently owned by hedge funds and other institutional investors.

About Ares Acquisition Co. II

Ares Acquisition Corp. II is a blank check company which engages in effecting a merger, share exchange, asset acquisition, share purchase, and reorganization or similar business combination. The company was founded on March 15, 2021 and is headquartered in New York, NY.