Northland Securities Issues Pessimistic Forecast for Chegg (NYSE:CHGG) Stock Price

Chegg (NYSE:CHGG) had its price target decreased by analysts at Northland Securities from $4.00 to $3.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the technology company’s stock. Northland Securities’ price objective points to a potential upside of 74.93% from the company’s previous close.

CHGG has been the subject of several other research reports. Piper Sandler reduced their target price on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a report on Tuesday, August 6th. Morgan Stanley reduced their target price on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Tuesday, August 6th. The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and reduced their target price for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th. Finally, StockNews.com cut shares of Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $4.69.

Chegg Trading Up 8.5 %

NYSE CHGG opened at $1.72 on Wednesday. The company has a fifty day simple moving average of $1.70 and a two-hundred day simple moving average of $2.74. The stock has a market cap of $175.31 million, a P/E ratio of -0.21, a P/E/G ratio of 0.63 and a beta of 1.32. Chegg has a 12-month low of $1.34 and a 12-month high of $11.48. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The business had revenue of $136.59 million during the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 1.91%. The business’s quarterly revenue was down 13.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.07) earnings per share. On average, analysts forecast that Chegg will post 0.19 earnings per share for the current year.

Institutional Trading of Chegg

Institutional investors have recently modified their holdings of the stock. Gladius Capital Management LP acquired a new stake in shares of Chegg in the second quarter valued at about $27,000. Allspring Global Investments Holdings LLC acquired a new position in Chegg during the first quarter worth about $30,000. Adero Partners LLC acquired a new position in Chegg during the second quarter worth about $34,000. Intech Investment Management LLC acquired a new position in Chegg during the third quarter worth about $56,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in Chegg during the second quarter worth about $60,000. 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.