Hennessy Advisors (NASDAQ:HNNA) Share Price Crosses Below 200 Day Moving Average – Time to Sell?

Hennessy Advisors, Inc. (NASDAQ:HNNA) crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $10.06 and traded as low as $10.00. Hennessy Advisors shares last traded at $10.35, with a volume of 13,680 shares traded.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Hennessy Advisors in a research note on Tuesday, September 8th. One research analyst has rated the stock with a Hold rating. According to MarketBeat.com, Hennessy Advisors has a consensus rating of “Hold”.

Hennessy Advisors Stock Up 0.7%

The business has a 50-day moving average price of $10.20 and a 200-day moving average price of $10.06. The firm has a market capitalization of $81.14 million, a price-to-earnings ratio of 9.88 and a beta of 0.56.

Hennessy Advisors (NASDAQ:HNNA) last announced its earnings results on Wednesday, August 5th. The asset manager reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.12). Hennessy Advisors had a return on equity of 8.31% and a net margin of 24.77%. The business had revenue of $8.39 million for the quarter, compared to analysts’ expectations of $9.96 million.

Hennessy Advisors Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend was Thursday, August 20th. Hennessy Advisors’s dividend payout ratio (DPR) is currently 57.69%.

Insiders Place Their Bets

In other news, VP Daniel Steadman sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $10.26, for a total transaction of $51,300.00. Following the sale, the vice president owned 37,768 shares in the company, valued at approximately $387,499.68. The trade was a 11.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 8,171 shares of company stock valued at $83,573 over the last three months. 36.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hennessy Advisors

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Empowered Funds LLC boosted its stake in Hennessy Advisors by 13.8% in the 1st quarter. Empowered Funds LLC now owns 15,011 shares of the asset manager’s stock worth $146,000 after purchasing an additional 1,819 shares in the last quarter. Bank of America Corp DE purchased a new stake in Hennessy Advisors during the 2nd quarter worth approximately $154,000. Net Worth Advisory Group increased its stake in Hennessy Advisors by 51.6% during the 3rd quarter. Net Worth Advisory Group now owns 18,453 shares of the asset manager’s stock valued at $192,000 after purchasing an additional 6,280 shares in the last quarter. BlackRock Inc. acquired a new position in Hennessy Advisors during the 2nd quarter valued at approximately $201,000. Finally, Concurrent Investment Advisors LLC increased its stake in Hennessy Advisors by 103.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 21,396 shares of the asset manager’s stock valued at $217,000 after purchasing an additional 10,857 shares in the last quarter. 10.31% of the stock is owned by hedge funds and other institutional investors.

About Hennessy Advisors

Hennessy Advisors, Inc is an investment management company that provides portfolio management, investment advisory and related services. The company manages and sponsors investment products designed for individual investors, financial professionals and institutional clients, with a focus on actively managed strategies across various equity and fixed-income categories.

Through the Hennessy Funds family, the company has offered a range of mutual funds and other investment solutions, including strategies focused on growth, value, income, small-cap companies and specialized industry or market themes.