Ares Acquisition Co. II (NYSE:AACT) Hits New 12-Month High – Should You Buy?

Shares of Ares Acquisition Co. II (NYSE:AACT) reached a new 52-week high during trading on Tuesday . The stock traded as high as $11.02 and last traded at $10.99, with a volume of 105077 shares. The stock had previously closed at $10.98.

Ares Acquisition Co. II Stock Performance

The stock’s 50 day moving average price is $10.95 and its 200-day moving average price is $10.84.

Institutional Investors Weigh In On Ares Acquisition Co. II

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AACT. FNY Investment Advisers LLC acquired a new position in shares of Ares Acquisition Co. II in the fourth quarter worth about $1,110,000. Driehaus Capital Management LLC acquired a new position in Ares Acquisition Co. II in the 2nd quarter worth about $5,335,000. Finally, Wolverine Asset Management LLC raised its holdings in Ares Acquisition Co. II by 448.9% in the 3rd quarter. Wolverine Asset Management LLC now owns 686,939 shares of the company’s stock worth $7,440,000 after purchasing an additional 561,796 shares during the period. 72.95% of the stock is owned by institutional investors and hedge funds.

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.