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Hennessy Advisors

HNNA on Nasdaq. Market value $81m.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 28 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

  • Seaport Global Asset Management LLC
    Passive investor
    at least 5.2%
    (filed with 1 related holder)
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $188,922.

  • Newton Kiera
    Director
    Sold
    Date
    29 September 2026
    Shares
    504
    Price
    $10.02
    Value
    $5,050
  • SEAVEY THOMAS L
    Director
    Sold
    Date
    24 September 2026
    Shares
    1,875
    Price
    $10.15
    Value
    $19,031
  • STEADMAN DANIEL B
    Executive VP
    Sold
    Date
    24 September 2026
    Shares
    5,000
    Price
    $10.26
    Value
    $51,313
  • Newton Kiera
    Director
    Sold
    Date
    16 September 2026
    Shares
    199
    Price
    $10.35
    Value
    $2,060
  • Newton Kiera
    Director
    Sold
    Date
    14 September 2026
    Shares
    593
    Price
    $10.34
    Value
    $6,129
  • Fahy Kathryn
    SVP and CFO
    Sold
    Date
    11 May 2026
    Shares
    10,000
    Price
    $10.00
    Value
    $100,000
  • Newton Kiera
    Director
    Sold
    Date
    30 December 2025
    Shares
    571
    Price
    $9.35
    Value
    $5,339

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Dec 2025, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.