Murray Stahl, the President and CEO of RENN Fund, Inc. (NYSE:RCG), recently acquired additional shares of the company's common stock, according to a filing with the Securities and Exchange Commission. On November 7, Stahl purchased a total of 1,242 shares at a price of $2.31 per share, amounting to a total transaction value of $2,869.
The acquisitions were made across various accounts, including direct ownership and multiple indirect accounts associated with entities such as Fromex Equity Corp, FRMO Corp, Horizon Common Inc., and Horizon Kinetics Hard Assets LLC. These transactions increase Stahl's direct and indirect holdings in the company, as detailed in the SEC filing.
InvestingPro Insights
Recent data from InvestingPro sheds light on RENN Fund, Inc.'s (NYSE:RCG) financial performance and market position, providing context to Murray Stahl's recent share acquisition. The company has demonstrated strong growth, with revenue increasing by 21.53% over the last twelve months as of Q2 2024, reaching $0.31 million. This growth trend is further supported by a 17.49% quarterly revenue increase in Q2 2024.
RCG's profitability is noteworthy, with a gross profit margin of 100% and positive earnings per share of $0.16 for the last twelve months. These figures align with an InvestingPro Tip indicating that the company has been profitable over the last twelve months, potentially justifying Stahl's confidence in increasing his stake.
The market has responded positively to RCG's performance, with the stock showing a strong return of 32.57% over the last three months and an impressive 45.45% over the past six months. This aligns with another InvestingPro Tip highlighting the company's strong return over the last three months and large price uptick over the last six months.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 5 more tips available for RCG. These tips could provide valuable context for understanding the company's financial health and market position beyond the scope of this article.
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