Chegg (NYSE:CHGG) Shares Cross Below 200-Day Moving Average – Should You Sell?

Chegg, Inc. (NYSE:CHGG) shares crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.61 and traded as low as $0.62. Chegg shares last traded at $0.63, with a volume of 5,733,293 shares traded.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research note on Tuesday, February 25th. Piper Sandler lowered their price target on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a research report on Tuesday, February 25th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $1.25 price objective (down previously from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2.08.

Chegg Stock Down 11.7 %

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 business’s 50-day moving average is $1.22 and its two-hundred day moving average is $1.61. The stock has a market capitalization of $66.71 million, a price-to-earnings ratio of -0.08 and a beta of 1.52.

Institutional Trading of Chegg

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Chegg by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company’s stock valued at $15,722,000 after purchasing an additional 180,258 shares during the last quarter. Quinn Opportunity Partners LLC grew its holdings in shares of Chegg by 48.6% during the fourth quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company’s stock worth $4,637,000 after buying an additional 941,410 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Chegg by 1.2% in the third 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. increased its stake in 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 valued at $3,715,000 after buying an additional 147,441 shares during the period. Finally, Two Sigma Investments LP raised its holdings in 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 in the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

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.