RENN Fund (NYSEAMERICAN:RCG) Stock Price Up 3.7% – Still a Buy?

RENN Fund, Inc. (NYSEAMERICAN:RCG)’s stock price rose 3.7% during trading on Friday . The stock traded as high as $2.85 and last traded at $2.79. 5,787 shares changed hands during trading, a decline of 38% from the average daily volume of 9,368 shares. The stock had previously closed at $2.69.

RENN Fund Stock Up 3.7%

The firm’s 50 day simple moving average is $2.77 and its 200-day simple moving average is $2.81.

Institutional Trading of RENN Fund

A hedge fund recently raised its position in RENN Fund stock. Horizon Kinetics Asset Management LLC grew its position in RENN Fund, Inc. (NYSEAMERICAN:RCG) by 5.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 865,948 shares of the company’s stock after acquiring an additional 48,404 shares during the quarter. Horizon Kinetics Asset Management LLC’s holdings in RENN Fund were worth $2,225,000 at the end of the most recent reporting period.

About RENN Fund

RENN Fund, Inc (NYSE American: RCG) is a closed-end management investment company that seeks to provide current income to its shareholders, with capital preservation as a secondary objective. The Fund pursues this objective by investing primarily in a diversified portfolio of corporate debt securities, including both investment-grade and below-investment-grade (high-yield) bonds, floating-rate bank loans and convertible securities.

To enhance income and manage portfolio risk, the Fund may employ leverage through borrowings or the issuance of preferred shares.