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Murray Stahl, President and CEO of RENN Fund, Inc. (NYSE:RCG), has increased his stake in the company through a series of stock purchases. According to a recent SEC filing, Stahl acquired a total of 1,228 shares of RENN Fund's common stock on October 18, 2024. The shares were purchased at an average price of $2.13 per share, totaling approximately $2,615.
The transactions were conducted both directly and indirectly through various entities associated with Stahl. Following these acquisitions, Stahl now holds a significant number of shares both personally and through indirect ownership. The purchases reflect his ongoing commitment to the company, although the filing notes that beneficial ownership is disclaimed for some of the indirectly held shares except to the extent of his pecuniary interest.
In other recent news, Horizon Kinetics Holding Corp has undergone substantial changes, as indicated by a series of corporate actions. The company has completed a merger with Horizon Kinetics, LLC, and its wholly owned subsidiary HKNY One, LLC, which led to the issuance of 17,984,253 new shares, making up a 96.5% stake post-merger. The company also executed a 1-for-20 reverse stock split, contributing to a significant restructuring of its shareholder base.
Additionally, the company has reincorporated from Colorado to Delaware, adopted new bylaws, and changed its name from Scott's Liquid Gold-Inc. to Horizon Kinetics Holding Corp. Its principal executive offices were also relocated to New York.
The reorganization and merger have resulted in a change of control, with substantial stakes now held by Horizon Kinetics members, including directors Murray Stahl, Steven Bregman, and Peter Doyle. The board of directors saw a major reshuffle, with six new members appointed, including Stahl, Bregman, and Doyle. Stahl was named Chairman and is also now serving as Chief Executive Officer and Chief Investment Officer, with Bregman as President, and Doyle as Vice President. These are the most recent developments in the company's ongoing corporate overhaul.
InvestingPro Insights
Murray Stahl's recent purchase of RENN Fund, Inc. (NYSE:RCG) shares aligns with several positive indicators highlighted by InvestingPro. The company has shown strong performance, with InvestingPro data revealing a 18.44% price total return over the last three months and an impressive 29.27% return over the past six months. This upward trend is further supported by an InvestingPro Tip noting a "Strong return over the last three months."
Additionally, RCG has demonstrated profitability over the last twelve months, as indicated by another InvestingPro Tip. This is reflected in the company's financial metrics, with a gross profit of $0.31 million and a 100% gross profit margin for the last twelve months as of Q2 2024. The company's revenue growth of 21.53% over the same period suggests a positive trajectory that may have influenced Stahl's decision to increase his stake.
While these metrics paint an optimistic picture, investors should note that InvestingPro offers additional insights, with 5 more tips available for RCG. These could provide a more comprehensive view of the company's financial health and potential risks, such as the tip indicating that "Short term obligations exceed liquid assets." For a full analysis, readers are encouraged to explore the complete set of InvestingPro Tips and data.
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