Chegg, Inc. (NYSE:CHGG) Short Interest Update

Chegg, Inc. (NYSE:CHGG) saw a significant growth in short interest in June. As of June 15th, there was short interest totalling 18,860,000 shares, a growth of 5.2% from the May 31st total of 17,930,000 shares. Based on an average daily volume of 3,800,000 shares, the days-to-cover ratio is currently 5.0 days. Approximately 19.4% of the company’s stock are short sold.

Chegg Price Performance

Chegg stock opened at $2.89 on Thursday. The firm has a 50 day moving average price of $4.01 and a 200-day moving average price of $7.26. 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 twelve month low of $2.53 and a twelve month high of $13.11.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, April 29th. The technology company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). Chegg had a net margin of 2.07% and a return on equity of 0.87%. The firm had revenue of $174.35 million during the quarter, compared to analysts’ expectations of $174.05 million. On average, sell-side analysts predict that Chegg will post 0.27 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CHGG shares. Piper Sandler reiterated an “underweight” rating and set a $6.00 price target (down previously from $8.50) on shares of Chegg in a report on Tuesday, April 30th. Jefferies Financial Group downgraded shares of Chegg from a “hold” rating to an “underperform” rating and lowered their target price for the company from $7.00 to $4.00 in a report on Tuesday, April 30th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Tuesday, June 18th. Craig Hallum reiterated a “hold” rating and issued a $7.00 price objective (down previously from $13.00) on shares of Chegg in a research note on Tuesday, April 30th. Finally, Morgan Stanley cut their target price on Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Friday, April 19th. Five analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $7.31.

Institutional Investors Weigh In On Chegg

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

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.