Chegg’s (CHGG) “Hold” Rating Reiterated at Needham & Company LLC

Chegg (NYSE:CHGG)‘s stock had its “hold” rating reissued by analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports.

Several other equities analysts also recently issued reports on CHGG. Morgan Stanley reissued an “underweight” rating and set a $1.25 price target (down from $2.00) on shares of Chegg in a report on Tuesday, January 14th. The Goldman Sachs Group cut their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Piper Sandler reduced their price target on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Craig Hallum lowered their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Finally, Northland Securities reduced their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.08.

Chegg Stock Performance

NYSE CHGG opened at $1.04 on Tuesday. The stock has a market cap of $107.96 million, a P/E ratio of -0.13 and a beta of 1.41. 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 twelve month low of $1.01 and a twelve month high of $9.14. The company’s 50-day simple moving average is $1.54 and its 200 day simple moving average is $1.78.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Chegg by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company’s stock worth $15,722,000 after buying an additional 180,258 shares during the last quarter. Quinn Opportunity Partners LLC raised 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 valued at $4,637,000 after acquiring an additional 941,410 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Chegg by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock valued at $4,099,000 after purchasing an additional 26,574 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Chegg by 6.8% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,307,264 shares of the technology company’s stock worth $3,715,000 after purchasing an additional 147,441 shares during the last quarter. Finally, Two Sigma Investments LP grew its stake in shares of Chegg by 8.2% during the fourth quarter. Two Sigma Investments LP now owns 2,254,234 shares of the technology company’s stock worth $3,629,000 after purchasing an additional 170,077 shares during the period. Institutional investors own 95.18% of the company’s stock.

About Chegg

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.