Empowered Funds LLC Has $659,000 Stake in Chegg, Inc. (NYSE:CHGG)

Empowered Funds LLC raised its position in Chegg, Inc. (NYSE:CHGG) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 372,434 shares of the technology company’s stock after purchasing an additional 18,894 shares during the quarter. Empowered Funds LLC owned 0.36% of Chegg worth $659,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CHGG. Gladius Capital Management LP acquired a new position in Chegg during the 2nd quarter worth about $27,000. Adero Partners LLC bought a new stake in Chegg in the second quarter valued at approximately $34,000. Vanguard Personalized Indexing Management LLC bought a new position in Chegg during the 2nd quarter worth approximately $60,000. Aspire Wealth Management Corp acquired a new position in shares of Chegg in the 3rd quarter worth approximately $69,000. Finally, Royce & Associates LP bought a new stake in shares of Chegg in the 3rd quarter valued at $91,000. 95.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CHGG. Craig Hallum dropped their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Piper Sandler lowered their price objective on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Northland Securities dropped their price objective on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group decreased their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $4.69.

Chegg Trading Up 11.7 %

Shares of CHGG opened at $2.01 on Friday. Chegg, Inc. has a 1-year low of $1.34 and a 1-year high of $11.48. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. The firm’s 50-day moving average price is $1.69 and its 200-day moving average price is $2.58. The firm has a market capitalization of $209.66 million, a price-to-earnings ratio of -0.25, a PEG ratio of 0.94 and a beta of 1.32.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.03. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The business had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. During the same period in the previous year, the firm posted ($0.07) EPS. The business’s revenue was down 13.5% on a year-over-year basis. Sell-side analysts anticipate that Chegg, Inc. will post 0.13 EPS 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.