Chegg (NYSE:CHGG) Stock Crosses Below Two Hundred Day Moving Average – Time to Sell?

Chegg, Inc. (NYSE:CHGG)’s stock price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.66 and traded as low as $0.77. Chegg shares last traded at $0.78, with a volume of 2,463,855 shares.

Analyst Ratings Changes

CHGG has been the topic of several recent research reports. Morgan Stanley restated an “underweight” rating and issued a $1.25 price target (down from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Piper Sandler reduced their price target on Chegg from $1.50 to $1.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 25th. Finally, Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Tuesday, February 25th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, Chegg has an average rating of “Hold” and an average price target of $2.08.

Chegg Price Performance

The firm has a market cap of $82.30 million, a price-to-earnings ratio of -0.10 and a beta of 1.52. 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 company has a 50 day moving average of $1.34 and a 200 day moving average of $1.66.

Institutional Trading of Chegg

Hedge funds have recently added to or reduced their stakes in the business. Royce & Associates LP acquired a new stake in shares of Chegg in the 3rd quarter valued at about $91,000. Empowered Funds LLC raised its stake in shares of Chegg by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 372,434 shares of the technology company’s stock valued at $659,000 after purchasing an additional 18,894 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Chegg in the 3rd quarter valued at about $56,000. Charles Schwab Investment Management Inc. raised its stake in shares of Chegg by 14.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 911,333 shares of the technology company’s stock valued at $1,613,000 after purchasing an additional 118,403 shares during the period. Finally, FMR LLC raised its stake in shares of Chegg by 12.5% in the 3rd quarter. FMR LLC now owns 323,018 shares of the technology company’s stock valued at $572,000 after purchasing an additional 35,892 shares during the period. Institutional investors and hedge funds 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.