Murray Stahl, President and CEO of RENN Fund, Inc. (NYSE:RCG), recently acquired a total of $2,782 worth of common stock in a series of transactions on November 6, 2024. The purchases were made at a consistent price of $2.24 per share.
The transactions 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 total, Stahl acquired shares across various accounts, with the largest direct acquisition being 358 shares, resulting in a post-transaction ownership of 35,910 shares directly held 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 transactions reflect Stahl's continued investment in RENN Fund, Inc., demonstrating confidence in the company's prospects.
In other recent news, Horizon Kinetics Holding Corp underwent a series of transformative corporate actions, including a merger with Horizon Kinetics, LLC, and its wholly owned subsidiary HKNY One, LLC. This merger led to the issuance of 17,984,253 new shares, representing a 96.5% stake post-merger and diluting existing shareholders to a 3.5% holding. Concurrently, the company executed a 1-for-20 reverse stock split, part of a broader reorganization that included reincorporation from Colorado to Delaware, the adoption of new bylaws, and a change in the company's name.
The company also relocated its principal executive offices to New York, New York. These recent developments have resulted in a change of control, with significant stakes now held by Horizon Kinetics members, including Directors Murray Stahl, Steven Bregman, and Peter Doyle, along with Horizon Common Inc. and John Meditz.
The board of directors underwent a major reshuffle, appointing six new members and naming Stahl as Chairman. Management changes accompanied the board's restructuring, with David Arndt stepping down as President and Chief Financial Officer of Scott’s, and the appointment of new executive 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
Recent financial data from InvestingPro sheds light on RENN Fund, Inc.'s (NYSE:RCG) performance, providing context to Murray Stahl's recent stock acquisitions. The company has shown strong revenue growth, with a 21.53% increase in the last twelve months as of Q2 2024, reaching $0.31 million. This growth trend is also evident in the quarterly figures, with a 17.49% revenue increase in Q2 2024.
RCG's profitability metrics are particularly noteworthy. The company boasts a 100% gross profit margin and has been profitable over the last twelve months, as highlighted by one of the InvestingPro Tips. This strong financial performance may have contributed to Stahl's decision to increase his stake in the company.
The market has responded positively to RCG's performance, with the stock showing impressive returns. InvestingPro data reveals a 30.45% price total return over the past three months and a substantial 42.32% return over the last six months. These figures align with another InvestingPro Tip, which notes the "Strong return over the last three months" and "Large price uptick over the last six months."
It's worth noting that InvestingPro offers additional insights, with 5 more tips available for RCG on the platform. These could provide further context to Stahl's investment decision and the company's overall outlook.
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