Chegg, Inc. (NYSE:CHGG) Sees Significant Decline in Short Interest

Chegg, Inc. (NYSE:CHGG) was the recipient of a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 13,080,000 shares, a decline of 6.3% from the August 31st total of 13,960,000 shares. Based on an average daily volume of 3,910,000 shares, the short-interest ratio is presently 3.3 days. Currently, 13.3% of the shares of the company are short sold.

Institutional Trading of Chegg

Hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC increased its stake in shares of Chegg by 11,517.3% in the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock valued at $6,807,000 after buying an additional 2,136,336 shares during the period. AQR Capital Management LLC increased its position in Chegg by 284.9% in the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock valued at $8,694,000 after acquiring an additional 2,130,998 shares during the period. Millennium Management LLC raised its stake in shares of Chegg by 158.4% during the second 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. Divisadero Street Capital Management LP acquired a new position in shares of Chegg during the second quarter worth $3,501,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Chegg by 23,988.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock worth $2,995,000 after purchasing an additional 943,703 shares during the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley dropped their price target on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Northland Securities reduced their target price on Chegg from $7.00 to $6.00 and set a “market perform” rating on the stock in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research note on Tuesday, August 6th. Piper Sandler decreased their target price on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, August 6th. Finally, Craig Hallum cut their price target on shares of Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $5.47.

Chegg Trading Up 8.6 %

Shares of Chegg stock opened at $1.77 on Monday. Chegg has a 1 year low of $1.63 and a 1 year high of $11.48. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $180.92 million, a PE ratio of -9.32, a price-to-earnings-growth ratio of 0.58 and a beta of 1.31. The firm’s 50 day moving average is $2.29 and its 200 day moving average is $4.03.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. Chegg had a positive return on equity of 2.10% and a negative net margin of 91.74%. The company had revenue of $163.10 million during the quarter, compared to analysts’ expectations of $160.02 million. During the same period in the prior year, the company earned $0.01 EPS. Chegg’s revenue was down 10.8% compared to the same quarter last year. Equities research analysts forecast that Chegg will post 0.19 earnings per share for the current fiscal 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.