Renn fund president and CEO acquires $2,645 in stock By Investing.com

RENN Fund, Inc. (NYSEAMERICAN:RCG) President and CEO Murray Stahl has made a series of stock purchases, according to a recent SEC filing. On September 26, Stahl acquired shares of RENN Fund totaling $2,645 at a price of $2.12 per share.

The transactions involved the acquisition of several blocks of shares, both directly and indirectly through related entities. Stahl’s direct purchases added 366 shares to his holdings, while indirect transactions, attributed to entities such as FROMEX EQUITY CORP, FRMO CORP, Horizon Common Inc., and Horizon Kinetics Hard Assets LLC, varied in size from 2 to 230 shares each. The filing also noted indirect acquisitions through Horizon Kinetics Asset Management LLC, totaling 206 shares.

Following the purchases, Stahl’s direct holdings in RENN Fund increased to 25,806 shares. However, the filing included a footnote indicating that the reported figures do not account for these directly held shares. Additionally, Stahl disclaims beneficial ownership of the indirectly held shares, except to the extent of his pecuniary interest, if any.

This accumulation of shares by the company’s President and CEO is a notable financial move within RENN Fund, and it provides investors with insight into the executive’s investment actions regarding the fund’s stock.

In other recent news, Horizon Kinetics Holding Corp has undergone a significant corporate transformation, including a merger, a reverse stock split, and a change of state incorporation. The company, previously known as Scott’s Liquid Gold-Inc., issued 17,984,253 new shares through a merger with Horizon Kinetics, LLC, and its wholly owned subsidiary HKNY One, LLC, diluting existing shareholders to a 3.5% holding. Concurrently, a 1-for-20 reverse stock split increased the per-share value of the remaining stock.

These recent developments also involved a change of control, with significant stakes now held by Horizon Kinetics members. Directors Murray Stahl, Steven Bregman, and Peter Doyle, along with Horizon Common Inc. and John Meditz, now control substantial portions of the company’s common stock.

The company also saw a major reshuffle in its board of directors, appointing six new members, including Stahl, Bregman, and Doyle. Furthermore, Stahl was named Chairman and is expected to announce committee appointments soon. Management changes accompanied the board’s restructuring, with new executive officers being appointed, including Stahl as Chief Executive Officer and Chief Investment Officer, Bregman as President, and Doyle as Vice President.

InvestingPro Insights

Recent data from InvestingPro sheds additional light on RENN Fund’s financial performance and market position, providing context to President and CEO Murray Stahl’s recent stock purchases.

According to InvestingPro, RENN Fund has demonstrated strong financial growth, with revenue increasing by 21.53% over the last twelve months as of Q2 2024. This growth trend is further supported by a 17.49% quarterly revenue growth in Q2 2024. These figures suggest that the company is experiencing robust business expansion, which may have influenced Stahl’s decision to increase his stake.

InvestingPro Tips highlight that RENN Fund has been profitable over the last twelve months, aligning with the reported gross profit of $0.31 million and an impressive 100% gross profit margin. This profitability could be a key factor in Stahl’s confidence in the company’s future prospects.

The market seems to be recognizing RENN Fund’s potential as well. An InvestingPro Tip notes a “Strong return over the last three months,” which is corroborated by the data showing a 23.69% price total return over the same period. This positive momentum extends further, with a substantial 31.83% price total return over the past six months.

It’s worth noting that InvestingPro offers 5 additional tips for RENN Fund, providing investors with a more comprehensive analysis of the company’s financial health and market position. These insights can be particularly valuable when considering executive stock purchases like Stahl’s recent acquisitions.

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