Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) Short Interest Up 92.8% in June

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC – Get Free Report) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 146,599 shares, an increase of 92.8% from the June 15th total of 76,045 shares. Based on an average daily trading volume, of 98,128 shares, the days-to-cover ratio is currently 1.5 days.

Ares Dynamic Credit Allocation Fund Stock Performance

ARDC stock traded down $0.09 during mid-day trading on Friday, reaching $12.49. The company had a trading volume of 685,212 shares, compared to its average volume of 124,879. Ares Dynamic Credit Allocation Fund has a one year low of $11.60 and a one year high of $15.03. The stock’s 50-day simple moving average is $12.68 and its two-hundred day simple moving average is $12.76.

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Ares Dynamic Credit Allocation Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 20th will be issued a $0.1125 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 10.8%. The ex-dividend date of this dividend is Monday, July 20th.

Institutional Trading of Ares Dynamic Credit Allocation Fund

Several hedge funds have recently bought and sold shares of ARDC. Sit Investment Associates Inc. acquired a new position in Ares Dynamic Credit Allocation Fund during the 4th quarter valued at about $3,975,000. Shaker Financial Services LLC acquired a new stake in shares of Ares Dynamic Credit Allocation Fund in the fourth quarter valued at approximately $3,252,000. AdvisorNet Financial Inc increased its stake in shares of Ares Dynamic Credit Allocation Fund by 52.0% in the fourth quarter. AdvisorNet Financial Inc now owns 485,021 shares of the company’s stock valued at $6,451,000 after purchasing an additional 165,888 shares during the period. Readystate Asset Management LP raised its holdings in shares of Ares Dynamic Credit Allocation Fund by 353.3% during the fourth quarter. Readystate Asset Management LP now owns 169,592 shares of the company’s stock valued at $2,256,000 after buying an additional 132,178 shares during the last quarter. Finally, Icon Advisers Inc. Co. bought a new stake in shares of Ares Dynamic Credit Allocation Fund during the first quarter valued at approximately $1,182,000.

Ares Dynamic Credit Allocation Fund Company Profile

(Get Free Report)

Ares Dynamic Credit Allocation Fund (NYSE: ARDC) is a closed-end management investment company that seeks to deliver attractive risk-adjusted returns through a diversified portfolio of credit instruments. Launched in mid-2019, the fund is sponsored and managed by Ares Management Corporation, a leading global alternative asset manager. ARDC’s investment objective centers on generating current income with an emphasis on preserving capital, drawing on Ares’s extensive experience in the credit markets.

The fund deploys capital across a broad spectrum of corporate credit opportunities, including senior secured loans, high-yield bonds, subordinated debt and direct lending to middle-market companies.

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