Hennessy Advisors (NASDAQ:HNNA) Share Price Passes Below 200 Day Moving Average – Here’s Why

Shares of Hennessy Advisors, Inc. (NASDAQ:HNNA) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $9.98 and traded as low as $9.90. Hennessy Advisors shares last traded at $9.95, with a volume of 7,505 shares changing hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of Hennessy Advisors from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Hennessy Advisors presently has an average rating of “Hold”.

Hennessy Advisors Price Performance

The company has a market cap of $78.61 million, a PE ratio of 9.48 and a beta of 0.58. The company has a 50-day moving average of $10.05 and a 200 day moving average of $9.98.

Hennessy Advisors (NASDAQ:HNNA) last issued its quarterly earnings data on Wednesday, May 6th. The asset manager reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.09). Hennessy Advisors had a net margin of 25.40% and a return on equity of 8.53%. The company had revenue of $8.13 million for the quarter, compared to analysts’ expectations of $9.61 million.

Hennessy Advisors Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 21st were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.60 dividend on an annualized basis and a dividend yield of 6.0%. Hennessy Advisors’s payout ratio is currently 57.14%.

Insider Buying and Selling

In related news, CFO Kathryn Fahy sold 10,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $10.00, for a total value of $100,000.00. Following the sale, the chief financial officer directly owned 60,689 shares of the company’s stock, valued at $606,890. This represents a 14.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Hennessy Advisors

Several hedge funds and other institutional investors have recently modified their holdings of HNNA. Empowered Funds LLC boosted its holdings in Hennessy Advisors by 14.6% during the 4th quarter. Empowered Funds LLC now owns 13,192 shares of the asset manager’s stock valued at $127,000 after acquiring an additional 1,678 shares during the period. Evergreen Capital Management LLC purchased a new stake in shares of Hennessy Advisors during the second quarter valued at $190,000. Bridgeway Capital Management LLC increased its stake in Hennessy Advisors by 9.1% in the 4th quarter. Bridgeway Capital Management LLC now owns 20,192 shares of the asset manager’s stock worth $194,000 after buying an additional 1,678 shares during the period. Citadel Advisors LLC bought a new stake in Hennessy Advisors during the 3rd quarter valued at about $218,000. Finally, Susquehanna International Group LLP boosted its position in Hennessy Advisors by 108.5% in the 3rd quarter. Susquehanna International Group LLP now owns 26,553 shares of the asset manager’s stock valued at $280,000 after buying an additional 13,819 shares during the period. 10.31% of the stock is currently owned by hedge funds and other institutional investors.

About Hennessy Advisors

Hennessy Advisors, Inc is an investment advisory firm specializing in the management of closed-end and open-end funds, as well as separate account strategies. Serving as the investment adviser to a family of publicly traded closed-end funds and a series of mutual funds, the company focuses on generating income and total return for its shareholders by deploying a range of equity and fixed-income strategies. Hennessy Advisors is registered with the U.S. Securities and Exchange Commission and operates under the Investment Advisers Act of 1940.

The firm’s product lineup includes multiple closed-end funds that invest in U.S.