SG Americas Securities LLC Acquires 75,751 Shares of Chegg, Inc. (NYSE:CHGG)

SG Americas Securities LLC increased its stake in Chegg, Inc. (NYSE:CHGG) by 242.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,993 shares of the technology company’s stock after acquiring an additional 75,751 shares during the period. SG Americas Securities LLC owned approximately 0.10% of Chegg worth $189,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Acadian Asset Management LLC raised its stake in shares of Chegg by 11,517.3% in the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock valued at $6,807,000 after acquiring an additional 2,136,336 shares during the period. AQR Capital Management LLC grew its holdings in Chegg by 284.9% during the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock valued at $8,694,000 after purchasing an additional 2,130,998 shares during the last quarter. Millennium Management LLC raised its position in Chegg by 158.4% in the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after purchasing an additional 1,361,710 shares during the period. Divisadero Street Capital Management LP bought a new stake in Chegg in the second quarter worth about $3,501,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in Chegg by 23,988.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock worth $2,995,000 after purchasing an additional 943,703 shares during the last quarter. 95.18% of the stock is owned by institutional investors.

Chegg Stock Performance

Shares of CHGG stock opened at $1.65 on Thursday. The firm has a market cap of $168.15 million, a price-to-earnings ratio of -8.66, a PEG ratio of 0.55 and a beta of 1.31. Chegg, Inc. has a 52-week low of $1.48 and a 52-week high of $11.48. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67. The company’s 50 day moving average is $1.85 and its 200 day moving average is $3.31.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. The business had revenue of $163.10 million for the quarter, compared to the consensus estimate of $160.02 million. Chegg had a positive return on equity of 2.10% and a negative net margin of 91.74%. The business’s revenue was down 10.8% compared to the same quarter last year. During the same period last year, the business posted $0.01 EPS. On average, sell-side analysts anticipate that Chegg, Inc. will post 0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. The Goldman Sachs Group raised Chegg from a “sell” rating to a “neutral” rating and cut their target price for the company from $7.00 to $3.75 in a research note on Tuesday, August 6th. Piper Sandler decreased their target price on Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, August 6th. Craig Hallum cut their price target on shares of Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday, August 6th. Finally, StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, Chegg has an average rating of “Hold” and a consensus price target of $5.25.

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.