Ares Acquisition Corporation II (NYSE:AACT) Hits New 1-Year Low - Here's What Happened

Key Points

• Ares Acquisition Corporation II's share price dropped to a new 52-week low at $9.75 during recent trading, closing at $11.09.
• The company has seen notable activity from institutional investors, with 72.95% of its stock held by hedge funds and investors, including significant increases from FNY Investment Advisers LLC and Virtu Financial LLC.
• Ares Acquisition Corp. II operates as a blank check company, focused on mergers or similar business combinations, having been founded in March 2021.

Ares Acquisition Corporation II (NYSE:AACT - Get Free Report) shares hit a new 52-week low during trading on Saturday . The company traded as low as $9.75 and last traded at $11.09, with a volume of 350069 shares trading hands. The stock had previously closed at $11.40.

Ares Acquisition Corporation II Price Performance

The stock has a 50-day simple moving average of $11.40 and a 200 day simple moving average of $11.31.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Westchester Capital Management LLC boosted its position in Ares Acquisition Corporation II by 27.5% in the 1st quarter. Westchester Capital Management LLC now owns 3,951,420 shares of the company's stock valued at $44,058,000 after buying an additional 852,733 shares during the last quarter. Berkley W R Corp lifted its stake in shares of Ares Acquisition Corporation II by 452.8% in the 2nd quarter. Berkley W R Corp now owns 3,513,649 shares of the company's stock valued at $39,810,000 after purchasing an additional 2,878,097 shares during the period. Mizuho Securities USA LLC lifted its stake in shares of Ares Acquisition Corporation II by 867.2% in the 1st quarter. Mizuho Securities USA LLC now owns 3,133,249 shares of the company's stock valued at $34,842,000 after purchasing an additional 2,809,299 shares during the period. Wolverine Asset Management LLC lifted its stake in shares of Ares Acquisition Corporation II by 155.5% in the 2nd quarter. Wolverine Asset Management LLC now owns 2,023,711 shares of the company's stock valued at $22,929,000 after purchasing an additional 1,231,793 shares during the period. Finally, Toronto Dominion Bank acquired a new position in shares of Ares Acquisition Corporation II in the 4th quarter valued at $21,519,000. 72.95% of the stock is currently owned by institutional investors.

About Ares Acquisition Corporation II

Ares Acquisition Corp. II is a blank check company. It was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company was founded on March 15, 2021 and is headquartered in New York, NY.