NEW YORK – Murray Stahl, President and CEO of RENN Fund, Inc. (NYSE:RCG), has recently increased his stake in the company through a series of stock purchases. On June 10, Stahl acquired additional shares of RENN Fund, with the total transaction amounting to $204 at a price of $1.61 per share.
The series of transactions included the direct purchase of 10 shares, augmenting Stahl's direct holdings to a total of 5,157 shares. Additionally, Stahl made several indirect purchases through entities in which he has a pecuniary interest. These transactions included the acquisition of 1 share on behalf of his spouse, 12 shares through FROMEX EQUITY CORP, 48 shares via FRMO CORP, 55 shares through HORIZON COMMON INC., and 1 share for Horizon Kinetics Asset Management LLC.
Following these purchases, the indirect holdings reported are 440 shares for his spouse, 61,082 shares held by FROMEX EQUITY CORP, 244,220 shares by FRMO CORP, 248,314 shares by HORIZON COMMON INC., and 11 shares by Horizon Kinetics Asset Management LLC. It is important to note that for each of these indirect accounts, Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, as disclosed in the footnotes of the SEC filing.
The transactions have been publicly disclosed in accordance with SEC regulations, providing transparency to investors and the market. Stahl's decision to increase his investment in RENN Fund may be seen as a positive signal by investors, reflecting confidence in the company's future prospects.
InvestingPro Insights
In light of the recent investments by Murray Stahl, President and CEO of RENN Fund, Inc. (NYSE:RCG), into the company's stock, it's pertinent to consider the financial health and performance metrics of the company. According to real-time data from InvestingPro, RENN Fund has reported a revenue of $0.29 million for the last twelve months as of Q4 2023, which represents a substantial growth of 27.92% year-over-year. This indicates an upward trajectory in the company's ability to generate income.
However, it's crucial to note that despite the revenue growth, RENN Fund has not been profitable over the last twelve months, with a basic and diluted EPS (Earnings Per Share) from continuing operations standing at -$0.13. Additionally, an InvestingPro Tip suggests that the company's valuation implies a poor free cash flow yield, which could be a concern for investors looking for healthy cash generation from their investments.
Investors should also be aware of the company's short-term financial obligations. Another InvestingPro Tip indicates that RENN Fund's short-term obligations exceed its liquid assets, which could potentially lead to liquidity issues if not managed properly.
For those interested in a deeper dive into the financials and future prospects of RENN Fund, there are additional InvestingPro Tips available at https://www.investing.com/pro/RCG. By using the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription to gain access to these valuable insights.
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