Shares of Ares Capital Corporation (NASDAQ:ARCC) traded today at $22.37, eclipsing its 52-week high. So far today approximately 817,000 shares have been exchanged, as compared to an average 30-day volume of 4.1 million shares.
Ares Capital Corporation (NASDAQ:ARCC) defies analysts with a current price ($22.31) 67.8% above its average consensus price target of $7.19.
Ares Capital Corp is a United States-based closed-ended specialty finance company. Its investment objective is to generate both current income and capital appreciation through debt and equity investments. The company focuses on investing primarily in U.S. middle-market companies with investment opportunities as well as in larger companies. Its portfolio comprises of first lien senior secured loans, second lien senior secured loans, and mezzanine debt (subordinated unsecured loan), which may include equity components that are diversified by industry and sector. The company may invest in preferred and common equity investments to a lesser proportion. Its revenue mainly consists of interest and dividend income received from the investment made.
Ares Capital Corporation share prices have moved between a 52-week high of $22.37 and a 52-week low of $17.71 and are now trading 26% above that low price at $22.31 per share.
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