Chegg (NYSE:CHGG) Price Target Cut to $1.00 by Analysts at Piper Sandler

Chegg (NYSE:CHGG) had its price objective cut by stock analysts at Piper Sandler from $1.50 to $1.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the technology company’s stock. Piper Sandler’s price target would suggest a potential downside of 3.38% from the stock’s previous close.

Several other equities research analysts have also commented on the company. Northland Securities lowered their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 13th. The Goldman Sachs Group lowered their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. 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. Morgan Stanley reiterated an “underweight” rating and set a $1.25 target price (down previously from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Tuesday. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.08.

Chegg Price Performance

Shares of NYSE CHGG opened at $1.04 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg has a 52 week low of $1.01 and a 52 week high of $9.14. The business’s 50 day moving average price is $1.54 and its 200 day moving average price is $1.78. The firm has a market cap of $107.96 million, a P/E ratio of -0.13 and a beta of 1.41.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CHGG. Assenagon Asset Management S.A. raised its stake in Chegg by 16.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 298,755 shares of the technology company’s stock valued at $529,000 after purchasing an additional 41,174 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Chegg by 26.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 72,709 shares of the technology company’s stock worth $129,000 after acquiring an additional 15,180 shares during the last quarter. Aspire Wealth Management Corp acquired a new stake in shares of Chegg in the 3rd quarter worth $69,000. Royce & Associates LP acquired a new stake in shares of Chegg during the 3rd quarter worth about $91,000. Finally, Empowered Funds LLC increased its position in shares of Chegg by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 372,434 shares of the technology company’s stock worth $659,000 after purchasing an additional 18,894 shares during the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

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.