Chegg, Inc. (NYSE:CHGG) Short Interest Update

Chegg, Inc. (NYSE:CHGG) was the recipient of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 9,330,000 shares, a decrease of 6.0% from the November 30th total of 9,930,000 shares. Based on an average daily trading volume, of 4,000,000 shares, the short-interest ratio is presently 2.3 days. Approximately 9.5% of the company’s stock are short sold.

Chegg Stock Performance

Shares of NYSE CHGG traded up $0.08 during midday trading on Wednesday, reaching $1.61. 3,797,197 shares of the company were exchanged, compared to its average volume of 3,666,445. The stock has a market cap of $167.93 million, a P/E ratio of -0.20 and a beta of 1.36. Chegg has a 1 year low of $1.34 and a 1 year high of $11.47. The stock has a fifty day simple moving average of $1.92 and a 200 day simple moving average of $2.20. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last announced its earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.03. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The company had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. During the same period last year, the business posted ($0.07) EPS. The company’s revenue was down 13.5% on a year-over-year basis. On average, research analysts forecast that Chegg will post 0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chegg

Large investors have recently modified their holdings of the business. Acadian Asset Management LLC grew its position in Chegg by 11,517.3% during the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock worth $6,807,000 after buying an additional 2,136,336 shares during the period. AQR Capital Management LLC grew its holdings in shares of Chegg by 284.9% in the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after acquiring an additional 2,130,998 shares during the period. Millennium Management LLC grew its holdings in shares of Chegg by 158.4% in the 2nd 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 during the period. Divisadero Street Capital Management LP purchased a new position in Chegg in the 2nd quarter valued at approximately $3,501,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Chegg by 23,988.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock worth $2,995,000 after purchasing an additional 943,703 shares during the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CHGG shares. Northland Securities decreased their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research note on Wednesday, November 13th. Craig Hallum dropped their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. The Goldman Sachs Group reduced 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, Piper Sandler lowered their target price on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday, November 14th. Three investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $4.69.

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.