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

Shares of Chegg, Inc. (NYSE:CHGG) have been assigned an average rating of “Reduce” from the seven brokerages that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $2.17.

Several analysts have recently commented on the stock. Craig Hallum reduced their price objective 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. Piper Sandler reduced their price target on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday, November 14th. The Goldman Sachs Group dropped their price objective on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research note on Thursday, January 16th. Finally, Northland Securities dropped their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Caprock Group LLC purchased a new position in Chegg during the fourth quarter worth about $28,000. Pallas Capital Advisors LLC boosted its stake in shares of Chegg by 60.5% in the 4th quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock worth $28,000 after buying an additional 6,658 shares during the last quarter. Ieq Capital LLC purchased a new stake in shares of Chegg during the fourth quarter valued at approximately $31,000. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Chegg by 272.2% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after acquiring an additional 18,320 shares during the last quarter. Finally, Intech Investment Management LLC bought a new stake in Chegg during the third quarter worth $56,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Price Performance

CHGG stock opened at $1.41 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The firm has a market cap of $146.55 million, a price-to-earnings ratio of -0.18 and a beta of 1.41. The company’s fifty day simple moving average is $1.80 and its 200 day simple moving average is $1.95. Chegg has a 12-month low of $1.34 and a 12-month high of $9.34.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) 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 company had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. During the same period in the previous year, the business earned ($0.07) EPS. The firm’s revenue was down 13.5% compared to the same quarter last year. On average, analysts expect that Chegg will post 0.12 earnings per share for the current year.

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.