Billionaire investor Ken Griffin places a large gamble on a company that is much better than expectations this year.
By one submit With the US Securities and Exchange Commission (SEC), the Griffin hedge fund has taken over 3,824,329 shares of Niocorp Developments LTD (NB), a company that promotes the development of critical minerals in the United States.
The Niocorp flagship project in Nebraska wants to produce rare earth minerals such as Niobium, Scandium and Titanium.
Citadel’s interests of NB represent 5.4% of its total portfolio and 5.2% of the total outstanding shares.
NB, with a market capitalization of only $ 229 million, acts at $ 3.16 after opening the year for $ 1.41 in January – a profit of 124% so far.
The positioning of Citadel in the company seems to underline a focus on the energy sector, given the recent victory over Chevron’s $ 53 billion takeover from competitor Hess Corporation.
Citadel Advisors, Adagage Capital and HBK Investments were part of a group of investors who bet on the acquisition as part of a merger bitrage strategy, which means the outcome of a merger or acquisition, usually by taking long and/or short positions in the shares of the companies involved.
Citadel and HBK each had the equivalent of $ 1 billion in shares, according to the latest files of the companies, says Bloomberg.
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