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

Chegg, Inc. (NYSE:CHGG) has received a consensus recommendation of “Reduce” from the seven brokerages that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $2.08.

Several research firms have recently issued reports on CHGG. Piper Sandler lowered their target price on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 25th. Craig Hallum lowered their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Morgan Stanley reissued an “underweight” rating and set a $1.25 target price (down from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research note on Tuesday, February 25th. Finally, Northland Securities decreased their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th.

Chegg Trading Down 4.6 %

CHGG stock opened at $1.04 on Tuesday. The company’s 50-day simple moving average is $1.51 and its 200-day simple moving average is $1.77. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg has a 52-week low of $0.94 and a 52-week high of $9.14. The firm has a market cap of $109.31 million, a P/E ratio of -0.13 and a beta of 1.41.

Institutional Trading of Chegg

Hedge funds have recently bought and sold shares of the business. Virtus Fund Advisers LLC acquired a new stake in Chegg in the 4th quarter valued at about $28,000. Caprock Group LLC acquired a new stake in Chegg in the 4th quarter valued at about $28,000. Pallas Capital Advisors LLC raised its holdings in Chegg by 60.5% in the 4th quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock valued at $28,000 after acquiring an additional 6,658 shares during the last quarter. Ieq Capital LLC acquired a new stake in Chegg in the 4th quarter valued at about $31,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in Chegg by 272.2% in the 3rd 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. 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.