Chegg’s (CHGG) “Underweight” Rating Reiterated at Morgan Stanley

Morgan Stanley reissued their underweight rating on shares of Chegg (NYSE:CHGG) in a report released on Tuesday morning, MarketBeat Ratings reports. They currently have a $1.25 target price on the technology company’s stock, down from their prior target price of $2.00.

A number of other equities research analysts also recently weighed in on CHGG. Piper Sandler reduced their target price on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Craig Hallum reduced their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. The Goldman Sachs Group lowered their price objective on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Northland Securities cut their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 13th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research note on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $4.50.

Chegg Stock Up 0.3 %

Shares of NYSE CHGG opened at $1.55 on Tuesday. The stock has a market capitalization of $161.16 million, a P/E ratio of -0.19 and a beta of 1.40. The stock’s fifty day moving average is $1.91 and its 200 day moving average is $2.11. Chegg has a 52 week low of $1.34 and a 52 week high of $10.86. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91.

Chegg (NYSE:CHGG) last released 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 firm had revenue of $136.59 million for the quarter, compared to analyst estimates of $134.12 million. During the same period last year, the firm earned ($0.07) EPS. The business’s quarterly revenue was down 13.5% compared to the same quarter last year. Sell-side analysts forecast that Chegg will post 0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chegg

Several hedge funds and other institutional investors have recently bought and sold shares of CHGG. Pallas Capital Advisors LLC boosted its position in shares of Chegg by 60.5% during the 4th quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock worth $28,000 after purchasing an additional 6,658 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its holdings in Chegg by 272.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after acquiring an additional 18,320 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Chegg in the third quarter valued at approximately $56,000. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Chegg during the second quarter valued at approximately $60,000. Finally, Aspire Wealth Management Corp acquired a new position in shares of Chegg during the third quarter worth approximately $69,000. 95.18% of the stock is owned by institutional investors.

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.