Murray Stahl, President and CEO of RENN Fund, Inc. (NYSE:RCG), recently acquired a significant amount of the company's common stock. According to a recent SEC filing, Stahl purchased a total of 1,228 shares at a price of $2.08 per share, amounting to a total investment of $2,554.
The transactions, which occurred on October 15, 2024, include direct ownership of 344 shares, enhancing his direct stake to 30,266 shares. Additionally, Stahl acquired shares indirectly through various entities, including his spouse, Fromex Equity Corp, FRMO Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC.
These acquisitions highlight Stahl's ongoing commitment to RENN Fund, as he continues to strengthen his position within the company.
In other recent news, Horizon Kinetics Holding Corp has undergone a significant corporate overhaul, including a merger and a reverse stock split. The company, previously known as Scott's Liquid Gold-Inc., has reshaped its structure and shareholder base through these transformative actions. As part of the process, Horizon Kinetics expanded its equity base by issuing nearly 18 million new shares, representing a 96.5% stake post-merger, diluting existing shareholders to a 3.5% holding.
Simultaneously, a 1-for-20 reverse stock split was executed, reducing the number of shares outstanding and increasing the per-share value. The company also reincorporated from Colorado to Delaware, adopted new bylaws, and relocated its principal executive offices to New York.
These recent developments have led to a change of control, with significant stakes now held by Horizon Kinetics members. The board of directors has seen a major reshuffle, with the appointment of six new members, and the management team has witnessed significant changes, with new executive officers being appointed. These are the latest updates in Horizon Kinetics' corporate journey.
InvestingPro Insights
Murray Stahl's recent acquisition of RENN Fund, Inc. (NYSE:RCG) shares aligns with several positive indicators highlighted by InvestingPro. The company has demonstrated strong financial performance, with revenue growth of 21.53% over the last twelve months as of Q2 2024. This growth trend is further supported by a quarterly revenue increase of 17.49% in Q2 2024.
An InvestingPro Tip notes that RCG has been profitable over the last twelve months, which is reflected in its positive basic and diluted EPS of $0.16. This profitability is underscored by the company's impressive gross profit margin of 100% for the same period.
Another InvestingPro Tip points out a large price uptick over the last six months, which is corroborated by the 29.11% price total return over that period. This positive momentum extends to the year-to-date performance, with a 19.3% price total return.
While these metrics paint an optimistic picture, investors should be aware that InvestingPro has identified that RCG's short-term obligations exceed its liquid assets. This factor may be worth considering in the context of Stahl's increased investment in the company.
For a more comprehensive analysis, InvestingPro offers additional tips and insights on RCG, with a total of 11 tips available to subscribers.
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