Bayesian Capital Management LP Takes $570,000 Position in Chegg, Inc. (NYSE:CHGG)

Bayesian Capital Management LP purchased a new position in Chegg, Inc. (NYSE:CHGG) during the first quarter, HoldingsChannel reports. The firm purchased 75,313 shares of the technology company’s stock, valued at approximately $570,000.

A number of other hedge funds also recently bought and sold shares of CHGG. Boston Partners bought a new position in Chegg in the 4th quarter worth about $12,091,000. Federated Hermes Inc. boosted its stake in Chegg by 229.8% in the 4th quarter. Federated Hermes Inc. now owns 1,254,339 shares of the technology company’s stock worth $14,249,000 after purchasing an additional 873,984 shares in the last quarter. Vanguard Group Inc. boosted its stake in Chegg by 7.5% in the 4th quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock worth $132,117,000 after purchasing an additional 809,530 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Chegg by 39.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock worth $30,084,000 after purchasing an additional 750,677 shares in the last quarter. Finally, Norges Bank bought a new position in Chegg in the 4th quarter worth about $8,168,000. Institutional investors own 95.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Craig Hallum reaffirmed a “hold” rating and set a $7.00 price target (down previously from $13.00) on shares of Chegg in a report on Tuesday, April 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Tuesday, June 18th. Morgan Stanley raised shares of Chegg from an “underweight” rating to an “equal weight” rating and dropped their price target for the company from $6.50 to $3.25 in a report on Tuesday, July 16th. Jefferies Financial Group downgraded shares of Chegg from a “hold” rating to an “underperform” rating and dropped their price target for the company from $7.00 to $4.00 in a report on Tuesday, April 30th. Finally, Piper Sandler reaffirmed an “underweight” rating and set a $6.00 price target (down previously from $8.50) on shares of Chegg in a report on Tuesday, April 30th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Chegg currently has a consensus rating of “Hold” and a consensus target price of $6.84.

Chegg Stock Performance

Shares of NYSE:CHGG traded down $0.08 during trading on Wednesday, hitting $3.32. The company’s stock had a trading volume of 35,905 shares, compared to its average volume of 3,412,682. The company has a 50-day moving average of $3.26 and a 200-day moving average of $6.18. Chegg, Inc. has a 12 month low of $2.53 and a 12 month high of $13.11. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market cap of $339.37 million, a price-to-earnings ratio of -17.68, a P/E/G ratio of 0.61 and a beta of 1.35.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, April 29th. The technology company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.03). Chegg had a return on equity of 0.87% and a net margin of 2.07%. The business had revenue of $174.35 million during the quarter, compared to the consensus estimate of $174.05 million. On average, sell-side analysts expect that Chegg, Inc. will post 0.28 earnings per share for the current year.

Chegg Company Profile

Chegg, Inc operates a direct-to-student learning platform that helps learners build essential life and job skills to accelerate their path from learning programs in the United States and internationally. Its subscription services include Chegg Study, which offers personalized step-by-step learning support from AI, computational engines, and subject matter experts, as well as Tinger Gold and DashPash Student services; Chegg Writing that provides students with a suite of tools, such as plagiarism detection scans, grammar and writing fluency checking, expert personalized writing feedback, and premium citation generation; Chegg Math, a step-by-step math problem solver and calculator that helps students to solve problems; Chegg Study Pack, a bundle of various subscription product offerings, including Chegg Study, Chegg Writing, and Chegg Math services; and Busuu, an online language learning platform that offers comprehensive support through self-paced lessons, live classes with expert tutors, and a community of members to practice alongside.