RENN Fund (NYSE:RCG) Stock Price Down 1.5% – Here’s What Happened

RENN Fund, Inc. (NYSE:RCG)’s share price was down 1.5% during trading on Thursday . The stock traded as low as $2.55 and last traded at $2.58. Approximately 5,133 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 8,445 shares. The stock had previously closed at $2.62.

RENN Fund Stock Down 1.5%

The firm has a fifty day simple moving average of $2.62 and a 200 day simple moving average of $2.60.

Hedge Funds Weigh In On RENN Fund

A hedge fund recently raised its stake in RENN Fund stock. Horizon Kinetics Asset Management LLC lifted its stake in RENN Fund, Inc. (NYSE:RCG) by 9.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 878,123 shares of the company’s stock after buying an additional 77,134 shares during the period. Horizon Kinetics Asset Management LLC’s holdings in RENN Fund were worth $2,336,000 at the end of the most recent reporting period. 8.26% of the stock is currently owned by institutional investors and hedge funds.

About RENN Fund

RENN Fund, Inc is a closed ended equity mutual fund launched by RENN Capital Group, Inc The fund is co-managed by Horizon Kinetics Asset Management LLC. It invests in the public equity markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors. It seeks to invest in stocks of small-cap and mid-cap companies.