Murray Stahl, President and CEO of RENN Fund, Inc. (NYSEAMERICAN:RCG), recently acquired shares in the company, according to a filing with the Securities and Exchange Commission. On November 5, Stahl purchased a total of 1,238 shares of common stock at a price of $2.21 per share, amounting to a total transaction value of approximately $2,735.
The acquisitions include both direct and indirect ownership. Stahl directly acquired 354 shares, while additional shares were acquired indirectly through various entities, including his spouse and several corporations such as Fromex Equity Corp, FRMO Corp, and Horizon Kinetics Asset Management LLC.
These transactions increase Stahl's direct holdings to 35,552 shares, while his indirect holdings, which include shares held by related entities, have also seen an increase. The transactions reflect continued confidence in the company's prospects by its top executive.
In other recent news, Horizon Kinetics Holding Corp, previously known as Scott's Liquid Gold-Inc., has undergone a significant corporate overhaul. The company has completed a merger with Horizon Kinetics, LLC, and its wholly owned subsidiary HKNY One, LLC, which led to the issuance of 17,984,253 new shares. This expansion of its equity base diluted the existing shareholders to a 3.5% holding, while Horizon Kinetics members now hold a significant stake.
In tandem with the merger, the company executed a 1-for-20 reverse stock split and reincorporated from Colorado to Delaware. It also adopted a new set of bylaws, changed its name to Horizon Kinetics Holding Corp, and moved its principal executive offices to New York.
Notably, the board of directors saw a major reshuffle, with six new members appointed, including Murray Stahl, Steven Bregman, and Peter Doyle. These recent developments have resulted in a change of control, with Stahl, Bregman, Doyle, Horizon Common Inc., and John Meditz now owning substantial portions of the company's common stock. The management also saw changes, with Stahl appointed as the 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, Inc.'s (NYSEAMERICAN:RCG) financial performance and market position, providing context to Murray Stahl's recent share acquisition.
The company 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 increase in Q2 2024. Such positive momentum in top-line growth could be a factor influencing Stahl's decision to increase his stake in the company.
InvestingPro Tips highlight that RCG has been profitable over the last twelve months, which aligns with the company's reported gross profit of $0.31 million and a remarkable 100% gross profit margin for the same period. This profitability, coupled with the CEO's increased investment, may signal confidence in the company's financial health and future prospects.
Another noteworthy InvestingPro Tip points to RCG's strong return over the last three months, with data showing a 27.59% price total return over this period. This short-term performance is part of a broader positive trend, as evidenced by the impressive 38.74% price total return over the past six months.
These insights from InvestingPro provide valuable context to Murray Stahl's recent share purchase, suggesting that the CEO's investment aligns with the company's positive financial trends and market performance. Investors seeking a more comprehensive analysis can access additional tips and metrics through InvestingPro, which offers 5 more tips for RCG.
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