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

Shares of Hennessy Advisors, Inc. (NASDAQ:HNNA) passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $9.99 and traded as low as $9.75. Hennessy Advisors shares last traded at $9.8080, with a volume of 9,463 shares trading hands.

Wall Street Analysts Forecast Growth

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

Hennessy Advisors Price Performance

The stock has a fifty day moving average price of $10.04 and a two-hundred day moving average price of $9.99. The company has a market cap of $77.48 million, a P/E ratio of 9.34 and a beta of 0.58.

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 the consensus estimate of $0.33 by ($0.09). Hennessy Advisors had a return on equity of 8.53% and a net margin of 25.40%.The business had revenue of $8.13 million for the quarter, compared to analyst estimates of $9.61 million.

Hennessy Advisors Dividend Announcement

The firm 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. This represents a $0.60 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date was Thursday, May 21st. Hennessy Advisors’s payout ratio is 57.14%.

Insider Activity

In other news, CFO Kathryn Fahy sold 10,000 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $10.00, for a total transaction of $100,000.00. Following the transaction, the chief financial officer directly owned 60,689 shares of the company’s stock, valued at approximately $606,890. This trade represents 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 accessible through the SEC website. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Hennessy Advisors

Several institutional investors have recently bought and sold shares of the stock. Truffle Hound Capital LLC grew its position in Hennessy Advisors by 6.1% in the 4th quarter. Truffle Hound Capital LLC now owns 160,000 shares of the asset manager’s stock valued at $1,536,000 after buying an additional 9,143 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Hennessy Advisors by 4.9% during the 1st quarter. Renaissance Technologies LLC now owns 100,088 shares of the asset manager’s stock worth $976,000 after buying an additional 4,699 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Hennessy Advisors by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 56,478 shares of the asset manager’s stock worth $542,000 after acquiring an additional 1,873 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Hennessy Advisors by 7.3% in the first quarter. Dimensional Fund Advisors LP now owns 52,677 shares of the asset manager’s stock valued at $514,000 after acquiring an additional 3,567 shares in the last quarter. Finally, Susquehanna International Group LLP boosted its holdings 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 acquiring an additional 13,819 shares in the last quarter. Institutional investors and hedge funds 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.