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Randall Weisenburger Acquired Additional Shares When the Stock of Rare-earths Miner Mp Materials Dropped This Year.

Originally published on Best Stocks

Source: Getty Images

Shares of MP Materials (MP) have fallen 21% this year, which is somewhat higher than the 18% decrease in the S&P 500 index SPX –0.30%. General Motors GM –0.55 percent has contracted with the business “to build a fully integrated U.S. supply chain for rare-earth magnets” (GM).

The electric-vehicle supply chain first benefitted from a boost from the Biden administration earlier in the year. For investors who bought into MP Materials in the late 2020s, we discovered that the stock has returned a substantial amount of their money through May of this year despite the company’s decline in the second half of 2022.

On June 16, Weisenburger paid $1 million for 30,000 MP Materials shares at an average price of $33.25 apiece, according to an SEC filing. Now, he has 146,901 MP Materials shares in his account. In 2020, Weisenburger will join MP Materials’ board of directors as a former CFO of Omnicom Group (OMC).

The acquisition of shares by Weisenburger remained a mystery.

When he paid $3.5 million for 86,901 shares, an average price of $40.10 per share, in December, he made his most recent open market investment in MP Materials.

In May, Weisenburger purchased $1.2 million worth of Carnival (CCL) stock, which he serves on the board of.

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