Chegg, Inc. (NYSE:CHGG) Given Consensus Rating of “Reduce” by Analysts

Chegg, Inc. (NYSE:CHGG) has received a consensus rating of “Reduce” from the seven analysts that are presently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $2.17.

CHGG has been the topic of several research reports. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Thursday, January 16th. Northland Securities decreased 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. Piper Sandler dropped their target price on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Craig Hallum decreased their price target on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Finally, Morgan Stanley reissued an “underweight” rating and set a $1.25 price objective (down from $2.00) on shares of Chegg in a report on Tuesday, January 14th.

Chegg Trading Down 1.1 %

Shares of Chegg stock opened at $1.39 on Friday. The stock has a market capitalization of $144.47 million, a P/E ratio of -0.17 and a beta of 1.41. Chegg has a 12-month low of $1.34 and a 12-month high of $9.34. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The company has a 50-day simple moving average of $1.74 and a 200 day simple moving average of $1.89.

Chegg (NYSE:CHGG) last announced its earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping 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 business had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. During the same period in the previous year, the business earned ($0.07) EPS. Chegg’s revenue was down 13.5% compared to the same quarter last year. Research analysts expect that Chegg will post 0.12 earnings per share for the current fiscal year.

Institutional Trading of Chegg

Hedge funds have recently added to or reduced their stakes in the business. Pallas Capital Advisors LLC lifted its position in Chegg by 60.5% in the 4th quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock valued at $28,000 after acquiring an additional 6,658 shares in the last quarter. Caprock Group LLC bought a new stake in shares of Chegg in the fourth quarter valued at about $28,000. Ieq Capital LLC acquired a new position in shares of Chegg during the fourth quarter worth about $31,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Chegg by 272.2% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after buying an additional 18,320 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Chegg during the 3rd quarter worth approximately $56,000. Institutional investors and hedge funds 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.