Chegg, Inc. (NYSE:CHGG) Given Consensus Recommendation of “Reduce” by Analysts

Chegg, Inc. (NYSE:CHGG) has received an average rating of “Reduce” from the seven research firms that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $2.17.

A number of research analysts have recently commented on the company. Piper Sandler cut their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday, November 14th. Northland Securities reduced their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Morgan Stanley restated an “underweight” rating and issued a $1.25 price target (down from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. The Goldman Sachs Group cut their price objective on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Finally, Craig Hallum decreased their target price on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th.

Chegg Stock Down 3.8 %

Chegg stock opened at $1.40 on Friday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. Chegg has a fifty-two week low of $1.30 and a fifty-two week high of $9.34. The firm has a fifty day moving average price of $1.70 and a two-hundred day moving average price of $1.88. The firm has a market cap of $145.51 million, a price-to-earnings ratio of -0.17 and a beta of 1.41.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.03. The business had revenue of $136.59 million during the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The firm’s revenue was down 13.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.07) EPS. As a group, analysts forecast that Chegg will post 0.12 earnings per share for the current year.

Institutional Trading of Chegg

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its stake in Chegg by 158.4% during the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after acquiring an additional 1,361,710 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Chegg by 247.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,464,022 shares of the technology company’s stock worth $2,357,000 after purchasing an additional 1,042,136 shares during the last quarter. Quinn Opportunity Partners LLC increased its position in shares of Chegg by 48.6% during the 4th quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company’s stock worth $4,637,000 after purchasing an additional 941,410 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Chegg by 29.6% during the 4th quarter. Renaissance Technologies LLC now owns 1,826,100 shares of the technology company’s stock valued at $2,940,000 after purchasing an additional 417,000 shares during the last quarter. Finally, XTX Topco Ltd boosted its position in Chegg by 384.4% in the third quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock valued at $698,000 after buying an additional 312,780 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

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.