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

Chegg, Inc. (NYSE:CHGG) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 18,860,000 shares, an increase of 5.2% from the May 31st total of 17,930,000 shares. Based on an average trading volume of 3,800,000 shares, the short-interest ratio is currently 5.0 days. Approximately 19.4% of the shares of the stock are sold short.

Institutional Trading of Chegg

Hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its holdings in Chegg by 75.4% in the third quarter. AQR Capital Management LLC now owns 693,676 shares of the technology company’s stock worth $6,188,000 after purchasing an additional 298,194 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Chegg during the 3rd quarter valued at about $1,063,000. Penserra Capital Management LLC raised its stake in Chegg by 13.5% during the third quarter. Penserra Capital Management LLC now owns 470,427 shares of the technology company’s stock worth $4,196,000 after acquiring an additional 55,906 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in Chegg by 14.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,663,462 shares of the technology company’s stock worth $23,758,000 after acquiring an additional 337,680 shares during the period. Finally, Graham Capital Management L.P. boosted its stake in Chegg by 28.2% in the third quarter. Graham Capital Management L.P. now owns 126,457 shares of the technology company’s stock valued at $1,128,000 after acquiring an additional 27,813 shares during the period. Institutional investors own 95.18% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Craig Hallum reiterated a “hold” rating and set a $7.00 target price (down from $13.00) on shares of Chegg in a research report on Tuesday, April 30th. Morgan Stanley decreased their price objective on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Friday, April 19th. Jefferies Financial Group downgraded shares of Chegg from a “hold” rating to an “underperform” rating and dropped their target price for the company from $7.00 to $4.00 in a report on Tuesday, April 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Tuesday, June 18th. Finally, Piper Sandler reissued an “underweight” rating and set a $6.00 price objective (down from $8.50) on shares of Chegg in a research note on Tuesday, April 30th. Five analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.31.

Chegg Price Performance

Shares of Chegg stock opened at $2.88 on Friday. Chegg has a twelve month low of $2.53 and a twelve month high of $13.11. The stock has a market capitalization of $294.38 million, a P/E ratio of -15.16, a PEG ratio of 0.53 and a beta of 1.35. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The business’s fifty day moving average price is $3.93 and its 200 day moving average price is $7.23.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, April 29th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). Chegg had a return on equity of 0.87% and a net margin of 2.07%. The business had revenue of $174.35 million for the quarter, compared to analysts’ expectations of $174.05 million. As a group, research analysts anticipate that Chegg will post 0.27 earnings per share for the current year.

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.