Short Interest in Chegg, Inc. (NYSE:CHGG) Drops By 6.0%

Chegg, Inc. (NYSE:CHGG) was the recipient of a large decrease in short interest in the month of December. As of December 15th, there was short interest totalling 9,330,000 shares, a decrease of 6.0% from the November 30th total of 9,930,000 shares. Based on an average trading volume of 4,000,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 9.5% of the shares of the company are sold short.

Chegg Stock Performance

Shares of Chegg stock opened at $1.61 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. The company has a market cap of $167.93 million, a PE ratio of -0.20 and a beta of 1.36. The company has a 50 day moving average of $1.92 and a 200-day moving average of $2.20. Chegg has a 1-year low of $1.34 and a 1-year high of $11.47.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CHGG. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Wednesday, November 13th. Northland Securities decreased their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. The Goldman Sachs Group dropped their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Craig Hallum reduced their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Finally, Piper Sandler lowered their price target on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat, Chegg currently has a consensus rating of “Hold” and a consensus target price of $4.69.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Millennium Management LLC lifted its stake in shares of Chegg by 158.4% in the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after acquiring an additional 1,361,710 shares during the last quarter. XTX Topco Ltd boosted its stake in shares of Chegg by 384.4% during the third quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock valued at $698,000 after purchasing an additional 312,780 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of 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 last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Chegg by 14.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 911,333 shares of the technology company’s stock valued at $1,613,000 after buying an additional 118,403 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in Chegg by 389.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 100,774 shares of the technology company’s stock valued at $178,000 after buying an additional 80,183 shares during the last quarter. Institutional investors and hedge funds 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.