Chegg, Inc. (NYSE:CHGG) Given Average Rating of “Reduce” by Brokerages

Chegg, Inc. (NYSE:CHGG) has earned a consensus recommendation of “Reduce” from the ten brokerages that are presently covering the company, MarketBeat reports. Three analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $5.25.

Several research firms recently commented on CHGG. The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and lowered their target price for the company from $7.00 to $3.75 in a research report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research note on Tuesday, August 6th. Morgan Stanley decreased their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. Northland Securities decreased their price target on Chegg from $6.00 to $4.00 and set a “market perform” rating for the company in a research note on Monday, October 21st. Finally, Piper Sandler decreased their price target on Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a research note on Tuesday, August 6th.

Institutional Trading of Chegg

Several hedge funds and other institutional investors have recently modified their holdings of the business. Aspire Wealth Management Corp acquired a new stake in shares of Chegg in the third quarter worth $69,000. Harbor Capital Advisors Inc. boosted its position in shares of Chegg by 26.4% in the third quarter. Harbor Capital Advisors Inc. now owns 72,709 shares of the technology company’s stock worth $129,000 after buying an additional 15,180 shares during the period. Burford Brothers Inc. boosted its position in shares of Chegg by 37.7% in the third quarter. Burford Brothers Inc. now owns 88,597 shares of the technology company’s stock worth $157,000 after buying an additional 24,262 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Chegg by 16.0% during the third quarter. Assenagon Asset Management S.A. now owns 298,755 shares of the technology company’s stock worth $529,000 after acquiring an additional 41,174 shares in the last quarter. Finally, Quent Capital LLC raised its holdings in shares of Chegg by 98.5% during the third quarter. Quent Capital LLC now owns 60,460 shares of the technology company’s stock worth $107,000 after acquiring an additional 30,000 shares in the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Stock Up 7.5 %

CHGG opened at $1.80 on Wednesday. Chegg has a 12 month low of $1.48 and a 12 month high of $11.48. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $183.48 million, a P/E ratio of -0.29, a P/E/G ratio of 0.58 and a beta of 1.32. The stock’s 50 day moving average price is $1.76 and its 200 day moving average price is $2.93.

Chegg (NYSE:CHGG) last posted its earnings results on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.21 by $0.03. Chegg had a positive return on equity of 2.10% and a negative net margin of 91.74%. The firm had revenue of $163.10 million for the quarter, compared to analysts’ expectations of $160.02 million. During the same period last year, the firm earned $0.01 EPS. The firm’s revenue was down 10.8% compared to the same quarter last year. As a group, research analysts predict that Chegg will post 0.19 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.