Royce & Associates LP Invests $91,000 in Chegg, Inc. (NYSE:CHGG)

Royce & Associates LP purchased a new position in Chegg, Inc. (NYSE:CHGG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 51,666 shares of the technology company’s stock, valued at approximately $91,000. Royce & Associates LP owned about 0.05% of Chegg at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Aspire Wealth Management Corp purchased a new position in shares of Chegg during the third quarter worth approximately $69,000. Harbor Capital Advisors Inc. increased its position in Chegg by 26.4% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 72,709 shares of the technology company’s stock valued at $129,000 after purchasing an additional 15,180 shares during the period. Burford Brothers Inc. boosted its stake in shares of Chegg by 37.7% during the third quarter. Burford Brothers Inc. now owns 88,597 shares of the technology company’s stock valued at $157,000 after purchasing an additional 24,262 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Chegg by 16.0% during the third quarter. Assenagon Asset Management S.A. now owns 298,755 shares of the technology company’s stock worth $529,000 after buying an additional 41,174 shares during the period. Finally, Quent Capital LLC increased its holdings in shares of Chegg by 98.5% in the 3rd quarter. Quent Capital LLC now owns 60,460 shares of the technology company’s stock valued at $107,000 after acquiring an additional 30,000 shares during the period. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Analysts Set New Price Targets

CHGG has been the subject of a number of recent research reports. Piper Sandler reduced their target price 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. Craig Hallum cut their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, November 13th. StockNews.com lowered Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Morgan Stanley dropped their target price on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 6th. Finally, Northland Securities decreased their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $4.69.

Chegg Stock Up 3.3 %

CHGG stock opened at $1.74 on Thursday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. The firm’s fifty day simple moving average is $1.69 and its 200-day simple moving average is $2.61. Chegg, Inc. has a 12 month low of $1.34 and a 12 month high of $11.48. The company has a market capitalization of $180.98 million, a P/E ratio of -0.22, a price-to-earnings-growth ratio of 0.61 and a beta of 1.32.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, topping the consensus estimate 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 last year, the firm earned ($0.07) EPS. The firm’s revenue for the quarter was down 13.5% compared to the same quarter last year. As a group, equities research analysts forecast that Chegg, Inc. will post 0.19 earnings per share for the current year.

Chegg Company Profile

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.