Chegg (NYSE:CHGG) Shares Pass Below 200-Day Moving Average – What’s Next?

Chegg, Inc. (NYSE:CHGG)’s stock price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.61 and traded as low as $0.62. Chegg shares last traded at $0.63, with a volume of 5,733,293 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have commented on CHGG shares. 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research note on Tuesday, February 25th. Finally, Morgan Stanley restated an “underweight” rating and set a $1.25 price objective (down previously from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $2.08.

Chegg Price Performance

The firm has a market capitalization of $66.71 million, a P/E ratio of -0.08 and a beta of 1.52. The business’s 50-day simple moving average is $1.22 and its 200 day simple moving average is $1.61. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31.

Hedge Funds Weigh In On Chegg

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Caprock Group LLC bought a new stake in Chegg in the 4th quarter worth approximately $28,000. Pallas Capital Advisors LLC lifted its holdings in Chegg by 60.5% during the fourth quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock valued at $28,000 after purchasing an additional 6,658 shares in the last quarter. Virtus Fund Advisers LLC bought a new position in Chegg in the 4th quarter worth $28,000. Ieq Capital LLC bought a new position in shares of Chegg in the fourth quarter worth about $31,000. Finally, Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Chegg by 272.2% during 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 during the last quarter. Institutional investors 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.