RENN Fund (NYSEAMERICAN:RCG) Stock Price Passes Above 50 Day Moving Average – Here’s What Happened

RENN Fund, Inc. (NYSEAMERICAN:RCG) shares crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $2.89 and traded as high as $3.01. RENN Fund shares last traded at $2.99, with a volume of 1,270 shares changing hands.

RENN Fund Price Performance

The company has a 50-day simple moving average of $2.89 and a two-hundred day simple moving average of $2.89.

Hedge Funds Weigh In On RENN Fund

An institutional investor recently raised its position in RENN Fund stock. Horizon Kinetics Asset Management LLC boosted its stake in RENN Fund, Inc. (NYSEAMERICAN:RCG) by 5.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 865,948 shares of the company’s stock after acquiring an additional 48,404 shares during the period. Horizon Kinetics Asset Management LLC’s holdings in RENN Fund were worth $2,225,000 as of its most recent filing with the SEC.

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.