Short Interest in Chegg, Inc. (NYSE:CHGG) Increases By 6.9%

Chegg, Inc. (NYSE:CHGG) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 13,960,000 shares, an increase of 6.9% from the August 15th total of 13,060,000 shares. Currently, 14.2% of the shares of the company are sold short. Based on an average trading volume of 4,230,000 shares, the short-interest ratio is presently 3.3 days.

Wall Street Analyst Weigh In

CHGG has been the subject of several recent research reports. Craig Hallum cut their target price on shares of Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. Morgan Stanley cut their target price on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Tuesday, August 6th. StockNews.com lowered shares of Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and cut their target price for the company from $7.00 to $3.75 in a report on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.47.

Chegg Price Performance

Shares of Chegg stock traded down $0.06 during trading hours on Wednesday, reaching $1.75. 6,573,320 shares of the company’s stock were exchanged, compared to its average volume of 3,527,107. Chegg has a 1 year low of $1.72 and a 1 year high of $11.48. The company has a market capitalization of $178.88 million, a P/E ratio of -9.21, a price-to-earnings-growth ratio of 0.68 and a beta of 1.31. The business has a fifty day moving average of $2.52 and a two-hundred day moving average of $4.40. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67.

Chegg (NYSE:CHGG) last released its earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.03. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. The business had revenue of $163.10 million during the quarter, compared to analyst estimates of $160.02 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The company’s revenue for the quarter was down 10.8% compared to the same quarter last year. As a group, research analysts predict that Chegg will post 0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chegg

Large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Chegg during the 1st quarter valued at about $30,000. Gladius Capital Management LP acquired a new position in Chegg in the second quarter valued at about $27,000. Quest Partners LLC acquired a new position in Chegg in the fourth quarter valued at about $114,000. Adero Partners LLC acquired a new position in Chegg in the second quarter valued at about $34,000. Finally, Entropy Technologies LP acquired a new position in Chegg in the first quarter valued at about $90,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

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.