Chegg, Inc. (NYSE:CHGG) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC lessened its stake in Chegg, Inc. (NYSE:CHGG) by 84.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,723 shares of the technology company’s stock after selling 252,990 shares during the quarter. Hsbc Holdings PLC’s holdings in Chegg were worth $148,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Chegg in the second quarter valued at $60,000. Renaissance Technologies LLC increased its holdings in Chegg by 44.5% during the 2nd quarter. Renaissance Technologies LLC now owns 682,200 shares of the technology company’s stock valued at $2,156,000 after acquiring an additional 210,191 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Chegg by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after acquiring an additional 433,709 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Chegg by 11.2% in the second quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock valued at $377,000 after purchasing an additional 11,992 shares in the last quarter. Finally, Headlands Technologies LLC grew its position in shares of Chegg by 6,994.3% in the second quarter. Headlands Technologies LLC now owns 32,563 shares of the technology company’s stock valued at $103,000 after purchasing an additional 32,104 shares during the last quarter. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CHGG has been the topic of a number of recent research reports. Craig Hallum reduced their target price on Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Tuesday, August 6th. Morgan Stanley dropped their price objective on Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Finally, Piper Sandler decreased their price target on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $5.47.

Chegg Price Performance

Chegg stock opened at $1.68 on Friday. Chegg, Inc. has a 1 year low of $1.61 and a 1 year high of $11.48. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a 50 day moving average price of $2.12 and a 200 day moving average price of $3.84. The company has a market cap of $171.72 million, a price-to-earnings ratio of -8.84, a PEG ratio of 0.58 and a beta of 1.31.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.03. The company had revenue of $163.10 million for the quarter, compared to analysts’ expectations of $160.02 million. Chegg had a positive return on equity of 2.10% and a negative net margin of 91.74%. The firm’s quarterly revenue was down 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 earnings per share. Sell-side analysts predict that Chegg, Inc. will post 0.19 earnings per share for the current year.

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.