RENN Fund (NYSEAMERICAN:RCG) Share Price Passes Above Fifty Day Moving Average – Here’s Why

RENN Fund, Inc. (NYSEAMERICAN:RCG) shares passed 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.

RENN Fund Trading Up 3.1%

The company has a fifty day moving average price of $2.89 and a two-hundred day moving average price of $2.89.

Hedge Funds Weigh In On RENN Fund

A hedge fund recently raised its stake in RENN Fund stock. Horizon Kinetics Asset Management LLC raised its stake in RENN Fund, Inc. (NYSEAMERICAN:RCG) by 5.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 865,948 shares of the company’s stock after buying 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 quarter.

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.