Chegg (NYSE:CHGG) Earns Hold Rating from Analysts at StockNews.com

Equities researchers at StockNews.com assumed coverage on shares of Chegg (NYSE:CHGG) in a note issued to investors on Thursday. The brokerage set a “hold” rating on the technology company’s stock.

A number of other research analysts have also issued reports on the company. Piper Sandler decreased their target price on Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a report on Tuesday, February 25th. Morgan Stanley reiterated an “underweight” rating and issued a $1.25 price objective (down previously from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research note on Tuesday, February 25th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Chegg in a report on Tuesday, April 8th. Four research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, Chegg currently has an average rating of “Hold” and an average price target of $2.08.

Chegg Price Performance

Chegg stock opened at $0.51 on Thursday. 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 52-week low of $0.44 and a 52-week high of $7.26. The firm has a market cap of $53.08 million, a PE ratio of -0.06 and a beta of 1.81. The company’s 50 day moving average is $0.85 and its two-hundred day moving average is $1.44.

Hedge Funds Weigh In On Chegg

Several hedge funds have recently added to or reduced their stakes in the stock. Virtus Fund Advisers LLC purchased a new stake in shares of Chegg during the 4th quarter worth approximately $28,000. Caprock Group LLC acquired a new stake in Chegg during the 4th quarter worth $28,000. Pallas Capital Advisors LLC lifted its position in Chegg by 60.5% in the fourth 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 during the last quarter. Ieq Capital LLC acquired a new position in Chegg in the fourth quarter valued at $31,000. Finally, ProShare Advisors LLC boosted its stake in Chegg by 51.2% in the fourth quarter. ProShare Advisors LLC now owns 28,360 shares of the technology company’s stock valued at $46,000 after acquiring an additional 9,600 shares in the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

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.