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

Chegg, Inc. (NYSE:CHGG) has received a consensus rating of “Reduce” from the seven brokerages that are covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $2.08.

Several analysts recently issued reports on CHGG shares. Morgan Stanley reaffirmed an “underweight” rating and issued a $1.25 price target (down from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Piper Sandler cut their target price on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 25th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Tuesday, February 25th.

Chegg Trading Down 9.6 %

Shares of CHGG opened at $0.66 on Friday. Chegg has a one year low of $0.62 and a one year high of $7.75. The stock has a 50-day moving average price of $1.17 and a 200 day moving average price of $1.59. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $69.69 million, a P/E ratio of -0.08 and a beta of 1.52.

Institutional Investors Weigh In On Chegg

Several institutional investors and hedge funds have recently bought and sold shares of CHGG. Public Employees Retirement System of Ohio grew its holdings in shares of Chegg by 54.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 99,256 shares of the technology company’s stock valued at $160,000 after purchasing an additional 35,100 shares during the last quarter. Virtus Fund Advisers LLC acquired a new position in Chegg during the 4th quarter valued at approximately $28,000. Virtus Investment Advisers Inc. acquired a new position in Chegg during the 4th quarter valued at approximately $479,000. Two Sigma Advisers LP grew its stake in Chegg by 1.1% during the 4th quarter. Two Sigma Advisers LP now owns 2,088,900 shares of the technology company’s stock worth $3,363,000 after buying an additional 22,100 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in Chegg by 8.2% in the fourth quarter. Two Sigma Investments LP now owns 2,254,234 shares of the technology company’s stock worth $3,629,000 after buying an additional 170,077 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.