RENN Fund (NYSEAMERICAN:RCG) Trading 1.5% Higher – What’s Next?

RENN Fund, Inc. (NYSEAMERICAN:RCG)’s stock price shot up 1.5% on Wednesday . The stock traded as high as $3.28 and last traded at $3.28. 6,247 shares traded hands during trading, a decline of 48% from the average session volume of 12,020 shares. The stock had previously closed at $3.23.

RENN Fund Stock Up 1.5%

The company’s 50 day moving average price is $2.86 and its 200-day moving average price is $2.69.

Institutional Inflows and Outflows

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

RENN Fund Company Profile

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.