Brokerages Set Chegg, Inc. (NYSE:CHGG) PT at $7.31

Shares of Chegg, Inc. (NYSE:CHGG) have been assigned an average recommendation of “Strong Sell” from the nine research firms that are presently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $7.31.

A number of analysts have recently weighed in on CHGG shares. Piper Sandler restated an “underweight” rating and issued a $6.00 price objective (down from $8.50) on shares of Chegg in a research note on Tuesday, April 30th. Craig Hallum restated a “hold” rating and issued a $7.00 price objective (down from $13.00) on shares of Chegg in a research note on Tuesday, April 30th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research note on Tuesday, June 18th. Morgan Stanley reduced their price objective on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a research note on Friday, April 19th. Finally, Jefferies Financial Group cut shares of Chegg from a “hold” rating to an “underperform” rating and cut their target price for the company from $7.00 to $4.00 in a research note on Tuesday, April 30th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Comerica Bank raised its stake in Chegg by 349.4% during the first quarter. Comerica Bank now owns 45,390 shares of the technology company’s stock worth $344,000 after acquiring an additional 35,290 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Chegg by 4.0% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,747,406 shares of the technology company’s stock worth $20,798,000 after purchasing an additional 105,511 shares during the last quarter. Bayesian Capital Management LP bought a new stake in shares of Chegg in the 1st quarter worth about $570,000. Caxton Associates LP grew its holdings in shares of Chegg by 356.4% in the 1st quarter. Caxton Associates LP now owns 224,271 shares of the technology company’s stock worth $1,698,000 after purchasing an additional 175,129 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Chegg by 6.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company’s stock worth $545,000 after purchasing an additional 4,250 shares during the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Stock Performance

Chegg stock opened at $3.16 on Thursday. The firm’s 50 day simple moving average is $4.24 and its 200-day simple moving average is $7.42. The company has a market cap of $323.01 million, a P/E ratio of -16.63, a price-to-earnings-growth ratio of 0.54 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. Chegg has a fifty-two week low of $2.53 and a fifty-two week high of $13.11.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, April 29th. The technology company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). Chegg had a net margin of 2.07% and a return on equity of 0.87%. The company had revenue of $174.35 million for the quarter, compared to analysts’ expectations of $174.05 million. As a group, equities research analysts predict that Chegg will post 0.27 EPS 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.