Hennessy Advisors (NASDAQ:HNNA) Stock Price Passes Below 200-Day Moving Average – What’s Next?

Shares of Hennessy Advisors, Inc. (NASDAQ:HNNA) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.93 and traded as low as $9.68. Hennessy Advisors shares last traded at $9.79, with a volume of 13,401 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded Hennessy Advisors from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Hennessy Advisors currently has an average rating of “Hold”.

Hennessy Advisors Price Performance

The firm has a 50-day simple moving average of $9.96 and a two-hundred day simple moving average of $9.93. The company has a market cap of $77.42 million, a PE ratio of 9.33 and a beta of 0.59.

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

Hennessy Advisors Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.60 annualized dividend and a yield of 6.1%. Hennessy Advisors’s dividend payout ratio (DPR) is presently 57.14%.

Insider Activity at Hennessy Advisors

In other news, CFO Kathryn Fahy sold 10,000 shares of Hennessy Advisors stock in a transaction on Monday, May 11th. The stock was sold at an average price of $10.00, for a total value of $100,000.00. Following the completion of the sale, the chief financial officer owned 60,689 shares of the company’s stock, valued at $606,890. The trade was a 14.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 36.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hennessy Advisors

A number of hedge funds and other institutional investors have recently made changes to their positions in HNNA. Truffle Hound Capital LLC grew its position in shares of Hennessy Advisors by 241.8% in the third quarter. Truffle Hound Capital LLC now owns 150,857 shares of the asset manager’s stock valued at $1,576,000 after purchasing an additional 106,726 shares during the period. Citadel Advisors LLC purchased a new stake in shares of Hennessy Advisors in the third quarter valued at $218,000. Evergreen Capital Management LLC purchased a new stake in shares of Hennessy Advisors in the second quarter valued at $190,000. Susquehanna International Group LLP grew its position in shares of Hennessy Advisors by 108.5% in the third quarter. Susquehanna International Group LLP now owns 26,553 shares of the asset manager’s stock valued at $280,000 after purchasing an additional 13,819 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of Hennessy Advisors by 4.9% in the first quarter. Renaissance Technologies LLC now owns 100,088 shares of the asset manager’s stock valued at $976,000 after purchasing an additional 4,699 shares during the period. Hedge funds and other institutional investors own 10.31% of the company’s stock.

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.