Renn fund’s president and CEO Murray Stahl buys $2,682 in stock By Investing.com

Murray Stahl, the President and CEO of RENN Fund, Inc. (NYSE:RCG), recently acquired shares in the company. According to a filing with the Securities and Exchange Commission, Stahl purchased a total of 1,242 shares of common stock on October 24, 2024, at a price of $2.16 per share. The total value of these transactions amounted to approximately $2,682.

The acquisitions were made directly and indirectly across various accounts, including those held by Stahl personally and entities such as Horizon Kinetics Hard Assets LLC and FRMO Corp. Following these transactions, Stahl’s direct ownership stands at 32,710 shares, while additional shares are held indirectly through several entities.

These transactions reflect a continued investment by Stahl in RENN Fund, Inc., a move that may interest investors tracking insider activities within the company.

In other recent news, Horizon Kinetics Holding Corp, previously known as Scott’s Liquid Gold-Inc., has undergone a significant corporate overhaul. The company expanded its equity base by merging with Horizon Kinetics, LLC, and its wholly owned subsidiary HKNY One, LLC, issuing nearly 18 million new shares, which led to a substantial dilution of the existing shareholders. As part of the restructuring, the company also executed a 1-for-20 reverse stock split and moved its principal executive offices to New York.

These transformative actions have resulted in a change of control, with significant stakes now held by members of Horizon Kinetics. Directors Murray Stahl, Steven Bregman, and Peter Doyle, along with Horizon Common Inc. and John Meditz, now hold substantial portions of the company’s common stock. The company also saw a major reshuffle in its board of directors, appointing six new members and naming Stahl as Chairman.

The management also experienced changes, with David Arndt stepping down and new executive officers being appointed, including Stahl as CEO and Chief Investment Officer, Bregman as President, and Doyle as Vice President. These are the recent developments in the company’s structure and leadership.

InvestingPro Insights

To complement Murray Stahl’s recent share acquisition in RENN Fund, Inc. (NYSE:RCG), InvestingPro data reveals some interesting financial metrics. The company’s revenue for the last twelve months as of Q2 2024 stood at $0.31 million, with a notable revenue growth of 21.53% over the same period. This growth trend is further supported by a quarterly revenue increase of 17.49% in Q2 2024.

InvestingPro Tips highlight that RCG has been profitable over the last twelve months, which aligns with the positive sentiment suggested by the insider buying. Additionally, the stock has shown strong performance, with a 24% price total return over the last three months and an impressive 35.62% return over the past six months.

However, investors should note that one InvestingPro Tip cautions that RCG’s short-term obligations exceed its liquid assets, which could potentially impact the company’s financial flexibility.

For a more comprehensive analysis, InvestingPro offers additional tips and insights that could be valuable for investors considering RCG. The platform currently lists 5 tips for RCG, providing a broader perspective on the company’s financial health and market position.

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