Investors Buy High Volume of Chegg Put Options (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGGGet Free Report) saw some unusual options trading on Tuesday. Stock investors bought 9,546 put options on the company. This represents an increase of 355% compared to the typical volume of 2,099 put options.

Insider Buying and Selling at Chegg

In other Chegg news, CFO Andrew J. Brown sold 16,921 shares of Chegg stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $10.02, for a total value of $169,548.42. Following the completion of the transaction, the chief financial officer now directly owns 91,922 shares in the company, valued at $921,058.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 18,901 shares of company stock worth $189,984 over the last ninety days. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Chegg

Several institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. bought a new stake in Chegg in the second quarter worth $25,000. AM Squared Ltd bought a new stake in Chegg in the first quarter worth $47,000. Headlands Technologies LLC bought a new stake in Chegg in the fourth quarter worth $48,000. Tower Research Capital LLC TRC boosted its holdings in Chegg by 58.4% in the third quarter. Tower Research Capital LLC TRC now owns 5,539 shares of the technology company’s stock worth $49,000 after purchasing an additional 2,043 shares in the last quarter. Finally, Captrust Financial Advisors boosted its holdings in Chegg by 79.6% in the first quarter. Captrust Financial Advisors now owns 2,012 shares of the technology company’s stock worth $73,000 after purchasing an additional 892 shares in the last quarter. 97.15% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CHGG shares. Piper Sandler Companies downgraded Chegg to an “underweight” rating and reduced their price objective for the stock from $9.00 to $8.50 in a research report on Tuesday. StockNews.com raised Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, January 23rd. JPMorgan Chase & Co. dropped their target price on Chegg from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Tuesday. BMO Capital Markets dropped their target price on Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a report on Tuesday. Finally, Piper Sandler cut Chegg from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $9.00 to $8.50 in a report on Tuesday. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $10.22.

Check Out Our Latest Report on Chegg

Chegg Trading Down 1.4 %

NYSE CHGG opened at $8.61 on Thursday. Chegg has a twelve month low of $7.32 and a twelve month high of $18.77. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.31 and a current ratio of 2.31. The stock has a market cap of $997.21 million, a price-to-earnings ratio of -53.81, a PEG ratio of 1.83 and a beta of 1.33. The firm’s 50 day moving average price is $10.53 and its two-hundred day moving average price is $9.81.

Chegg (NYSE:CHGGGet Free Report) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, hitting the consensus estimate of $0.36. Chegg had a net margin of 2.54% and a return on equity of 1.24%. The firm had revenue of $187.99 million for the quarter, compared to analysts’ expectations of $185.94 million. During the same period in the previous year, the company posted $0.16 EPS. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. Equities analysts anticipate that Chegg will post 0.25 EPS for the current year.

Chegg Company Profile

(Get Free Report)

Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support learner with their academic course materials. The company offers Chegg Services, which include subscription services; and skills and other, including skills, advertising services, print textbooks, and eTextbooks.

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