Chegg, Inc. (NYSE:CHGG) Given Consensus Rating of “Reduce” by Brokerages

Chegg, Inc. (NYSE:CHGG) has earned an average recommendation of “Reduce” from the ten research firms that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $4.69.

CHGG has been the topic of a number of research analyst reports. Piper Sandler dropped their price objective on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Thursday, November 14th. The Goldman Sachs Group dropped their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Northland Securities cut their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. Craig Hallum decreased their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. Finally, Needham & Company LLC restated a “hold” rating on shares of Chegg in a research note on Wednesday, November 13th.

Chegg Stock Down 10.0 %

NYSE:CHGG opened at $1.97 on Thursday. Chegg has a 1 year low of $1.34 and a 1 year high of $11.48. The stock has a 50-day moving average price of $1.90 and a two-hundred day moving average price of $2.33. The stock has a market cap of $205.48 million, a price-to-earnings ratio of -0.25 and a beta of 1.36. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.03. The business had revenue of $136.59 million during the quarter, compared to analyst estimates of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. Chegg’s quarterly revenue was down 13.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.07) EPS. As a group, equities analysts expect that Chegg will post 0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in shares of Chegg by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after acquiring an additional 433,709 shares during the period. AQR Capital Management LLC boosted its position in Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after purchasing an additional 2,130,998 shares during the period. Geode Capital Management LLC increased its holdings in shares of Chegg by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock valued at $4,099,000 after purchasing an additional 26,574 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after purchasing an additional 1,361,710 shares during the last quarter. Finally, Acadian Asset Management LLC raised its position 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 purchasing an additional 2,136,336 shares during the period. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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.