Chegg, Inc. (NYSE:CHGG) Given Average Rating of “Reduce” by Brokerages

Shares of Chegg, Inc. (NYSE:CHGG) have earned an average rating of “Reduce” from the ten analysts that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $4.69.

Several analysts have weighed in on the stock. Northland Securities dropped their price objective on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. Craig Hallum dropped their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. The Goldman Sachs Group reduced their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research note on Wednesday, November 13th. Finally, Piper Sandler cut their target price on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Thursday, November 14th.

Chegg Price Performance

Shares of NYSE CHGG opened at $1.97 on Thursday. The firm has a market cap of $205.48 million, a P/E ratio of -0.25 and a beta of 1.36. The business’s 50 day moving average is $1.90 and its 200-day moving average is $2.33. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg has a 1-year low of $1.34 and a 1-year high of $11.48.

Chegg (NYSE:CHGG) last posted its quarterly earnings data 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. The firm had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The company’s quarterly revenue was down 13.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.07) EPS. Equities research analysts predict that Chegg will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Chegg

Several hedge funds and other institutional investors have recently made changes to their positions in CHGG. Millennium Management LLC grew its position in Chegg by 158.4% during the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after acquiring an additional 1,361,710 shares during the last quarter. XTX Topco Ltd boosted its stake in shares of Chegg by 384.4% during the third quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock valued at $698,000 after purchasing an additional 312,780 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after purchasing an additional 2,130,998 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Chegg by 14.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 911,333 shares of the technology company’s stock valued at $1,613,000 after buying an additional 118,403 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Chegg by 242.5% in the 3rd quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company’s stock valued at $189,000 after buying an additional 75,751 shares during the last quarter. 95.18% of the stock is owned by 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.