Renn fund's president Murray Stahl acquires $2,648 in shares

Murray Stahl, President and CEO of RENN Fund, Inc. (NYSE:RCG), has recently expanded his holdings in the company. According to a filing with the Securities and Exchange Commission, Stahl purchased a total of 1,232 shares of RENN Fund's common stock on October 21, 2024. The shares were acquired at a consistent price of $2.15 each, amounting to a total transaction value of $2,648.

The acquisitions were made across various accounts, including direct ownership and several indirect holdings through entities such as Fromex Equity Corp, FRMO Corp, and Horizon Kinetics Asset Management LLC. These transactions reflect Stahl's ongoing involvement and investment in RENN Fund, a move that may be of interest to 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 several significant corporate changes. 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. This move diluted existing shareholders to a 3.5% holding while the new shares represent a 96.5% stake post-merger.

Concurrently, Horizon Kinetics executed a 1-for-20 reverse stock split and reincorporated from Colorado to Delaware, adopting new bylaws and changing its company name. The company's principal executive offices have also been relocated to New York.

These recent developments have led to a shift in control, with substantial stakes now held by Horizon Kinetics members, including Directors Murray Stahl, Steven Bregman, Peter Doyle, Horizon Common Inc., and John Meditz. The board of directors saw a significant reshuffle, appointing six new members and naming Stahl as Chairman.

Along with the board's restructuring, management changes were implemented, with David Arndt stepping down as President and Chief Financial Officer. The board appointed new executive officers, including Stahl as Chief Executive Officer and Chief Investment Officer, Bregman as President, and Doyle as Vice President.

InvestingPro Insights

Murray Stahl's recent purchase of RENN Fund, Inc. (NYSE:RCG) shares aligns with some positive trends observed in the company's financial performance. According to InvestingPro data, RCG has demonstrated strong revenue growth, with a 21.53% increase in the last twelve months as of Q2 2024. This growth is further supported by a robust quarterly revenue increase of 17.49% in Q2 2024.

The company's profitability is also noteworthy, with an impressive gross profit margin of 100% over the last twelve months. This exceptional margin, coupled with positive earnings per share of $0.16, suggests that RCG has been effectively managing its costs and generating value for shareholders.

InvestingPro Tips highlight that RCG has been profitable over the last twelve months and has shown a strong return over the last three months. The stock's performance has been particularly impressive, with a 20.78% price total return over the past three months and a substantial 32.71% return over the last six months. These figures indicate growing investor confidence and potentially validate Stahl's decision to increase his stake in the company.

It's worth noting that InvestingPro offers additional tips and insights for RCG, which could provide further context to Stahl's investment decision and the company's overall financial health. Investors interested in a more comprehensive analysis can access 5 additional tips through the InvestingPro product.

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