Renn Fund, Inc. president and CEO Murray Stahl buys $2,782 in stock Via Investing.com
Murray Stahl, President and CEO of RENN Fund, Inc. (NYSE:RCG), recently acquired $2,782 worth of common stock in a series of transactions dated November 6, 2024. The purchase was made at a fixed price of $2.24 per share.
The operations involved multiple acquisitions, including direct ownership and indirect ownership through entities such as Fromex Equity Corp, FRMO Corp, Horizon Common Inc., and Horizon Kinetics Hard Assets LLC. In all, Stahl acquired shares across various accounts, with the largest direct acquisition being 358 shares, resulting in a post-transaction ownership of 35,910 shares held directly by Stahl himself.
Additionally, indirect acquisitions were made through several entities, with notable transactions including 180 shares through Fromex Equity Corp and 230 shares through Horizon Common Inc. These funds reflect Stahl’s continued investment in RENN Fund, Inc., which reflects confidence in the company’s prospects.
In other recent news, Horizon Kinetics Holding Corp has made a series of strategic business moves, including a merger with Horizon Kinetics, LLC, and its wholly-owned subsidiary HKNY One, LLC. This merger resulted in the issuance of 17,984,253 new shares, representing a merger of 96.5% of the shares and diluting the existing shareholders holding 3.5%. At the same time, the company conducted a 1 to 20 stock split, which is part of a broader reorganization that includes a reorganization from Colorado to Delaware, the adoption of new bylaws, and a change in the company’s name.
The company also moved its headquarters to New York, New York. This latest development led to a change in control, with key stakes now held by members of Horizon Kinetics, including directors Murray Stahl, Steven Bregman, and Peter Doyle, and Horizon Common Inc. and John Meditz.
The board of directors made major changes, appointing six new members and naming Stahl as Chairman. The management changes coincided with a reorganization of the board, with David Arndt stepping down as President and Chief Financial Officer of Scott, and the appointment of new officers, including Stahl as Chief Executive Officer and Chief Investment Officer, Bregman as President, and Doyle as Vice President. These changes mark a new era for Horizon Kinetics Holding Corp.
InvestingPro Insights
The latest financial data from InvestingPro sheds light on the performance of RENN Fund, Inc. (NYSE:RCG), provides context to Murray Stahl’s recent stock acquisition. The company showed strong revenue growth, with an increase of 21.53% in the last twelve months from Q2 2024, reaching $ 0.31 million. This growth trend is also evident in the quarterly figures, with revenue increasing by 17.49% in Q2 2024.
RCG’s profitability metrics are quite remarkable. The company boasts 100% gross margin and has been profitable over the past twelve months, as highlighted by one of InvestingPro’s tips. This strong financial performance may have influenced Stahl’s decision to increase his stake in the company.
The market has responded well to RCG’s performance, with the stock showing impressive returns. InvestingPro data reveals a 30.45% price return over the past three months and a massive 42.32% return over the past six months. These figures are consistent with another InvestingPro Tip, which notes “Strong returns over the past three months” and “Large increases in prices over the past six months.”
It is worth noting that InvestingPro provides more information, and 5 more tips are available for RCG on the platform. This would provide more context to Stahl’s investment decision and overall company outlook.
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