RENN Fund, Inc. (NYSEAMERICAN:RCG) President and CEO Murray Stahl has recently made a series of share purchases, according to the latest SEC filings. On May 22, 2024, Stahl acquired a total of 59 shares of RENN Fund common stock at a price of $1.62 per share, amounting to an investment of $95.
The transactions were spread across multiple accounts, including both direct and indirect holdings. Stahl directly added 4 shares to his personal stake, while indirect purchases were made for accounts associated with his spouse, FROMEX Equity Corp, FRMO Corp, and Horizon Common Inc. Post-transaction, Stahl's direct holdings totaled 5,093 shares.
The indirect holdings after the transactions were as follows: 428 shares were attributed to his spouse, 61,001 shares to FROMEX Equity Corp, 243,896 shares to FRMO Corp, and 247,978 shares to Horizon Common Inc. Additionally, 8 shares were held by Horizon Kinetics Asset Management LLC, an indirect holding where Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.
The SEC filing also included a footnote clarifying that the figures for indirect accounts do not include the 5,093 shares held directly by Mr. Stahl. This distinction is crucial for investors tracking the executive's total stake in the company.
The transactions were signed off by attorney-in-fact Jay Kesslen on May 23, 2024. As President and CEO, Stahl's investment moves are often watched closely by market participants for insights into the executive's confidence in the company's future prospects.
InvestingPro Insights
As President and CEO of RENN Fund, Inc. (NYSEAMERICAN:RCG), Murray Stahl's recent share purchases could signal his belief in the company's value despite some challenging financial indicators. According to InvestingPro data, RENN Fund has seen a revenue growth of 27.92% over the last twelve months as of Q4 2023, with a quarterly revenue growth of 26.26% in Q4 2023. This suggests a positive trend in the company's ability to generate income.
However, an InvestingPro Tip indicates that RENN Fund's short-term obligations exceed its liquid assets, which could raise concerns about the company's ability to meet its immediate financial liabilities. Additionally, the valuation implies a poor free cash flow yield, and the company has not been profitable over the last twelve months. These factors may weigh on the company's financial health and should be considered by investors looking at the long-term potential of RENN Fund.
Investors interested in a deeper analysis can find additional InvestingPro Tips for RENN Fund at https://www.investing.com/pro/RCG. Currently, there are more tips available that could provide further insights into the company's performance and outlook. As a special offer, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing their investment research with comprehensive data and expert analysis.
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