Chegg, Inc. (NYSE:CHGG) Receives Average Rating of “Reduce” from Brokerages

Chegg, Inc. (NYSE:CHGG) has earned an average rating of “Reduce” from the ten ratings firms that are presently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $4.69.

A number of research firms recently issued reports on CHGG. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Wednesday, November 13th. Northland Securities lowered their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. The Goldman Sachs Group cut their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Piper Sandler lowered their target price on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday, November 14th. Finally, StockNews.com downgraded Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th.

Institutional Trading of Chegg

Hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Chegg by 6.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company’s stock worth $545,000 after buying an additional 4,250 shares during the last quarter. Quent Capital LLC increased its stake in Chegg by 35.0% in the 2nd quarter. Quent Capital LLC now owns 30,460 shares of the technology company’s stock worth $96,000 after acquiring an additional 7,892 shares during the last quarter. Gladius Capital Management LP bought a new stake in Chegg during the second quarter valued at approximately $27,000. Adero Partners LLC bought a new position in shares of Chegg during the 2nd quarter valued at about $34,000. Finally, American Century Companies Inc. raised its stake in shares of Chegg by 11.2% during the second quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock worth $377,000 after acquiring an additional 11,992 shares in the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Price Performance

Shares of NYSE CHGG opened at $2.01 on Friday. The business has a fifty day moving average price of $1.69 and a two-hundred day moving average price of $2.58. The stock has a market capitalization of $209.66 million, a PE ratio of -0.25, a P/E/G ratio of 0.94 and a beta of 1.32. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. Chegg has a fifty-two week low of $1.34 and a fifty-two week high of $11.48.

Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.06 by $0.03. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The company had revenue of $136.59 million during the quarter, compared to analysts’ expectations of $134.12 million. During the same period in the previous year, the company earned ($0.07) EPS. The business’s revenue for the quarter was down 13.5% compared to the same quarter last year. As a group, equities analysts predict that Chegg will post 0.13 earnings per share for the current fiscal 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.