Chegg (NYSE:CHGG) Earns Hold Rating from Needham & Company LLC

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

CHGG has been the subject of several other research reports. StockNews.com began coverage on shares of Chegg in a research note on Thursday, April 17th. They issued a “hold” rating for the company. Piper Sandler decreased their price objective on Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a research report on Tuesday, February 25th. 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, JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Chegg in a research note on Tuesday, April 8th. Three equities research 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, the company currently has a consensus rating of “Hold” and a consensus target price of $1.70.

Chegg Price Performance

NYSE:CHGG opened at $0.80 on Monday. Chegg has a one year low of $0.44 and a one year high of $4.84. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $83.90 million, a PE ratio of -0.10 and a beta of 1.75. The stock has a 50 day moving average price of $0.65 and a 200 day moving average price of $1.33.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Nuveen LLC bought a new position in Chegg in the 1st quarter worth approximately $174,000. Invesco Ltd. grew its holdings in Chegg by 25.6% in the 1st quarter. Invesco Ltd. now owns 433,079 shares of the technology company’s stock worth $277,000 after buying an additional 88,326 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Chegg by 7.9% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,828,028 shares of the technology company’s stock worth $1,168,000 after acquiring an additional 133,506 shares during the period. Deutsche Bank AG lifted its stake in shares of Chegg by 5.6% in the 1st quarter. Deutsche Bank AG now owns 612,038 shares of the technology company’s stock worth $392,000 after acquiring an additional 32,420 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Chegg by 78.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,670,399 shares of the technology company’s stock worth $1,068,000 after acquiring an additional 736,239 shares during the period. 95.18% of the stock is currently owned by institutional investors.

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.