Short Interest in Chegg, Inc. (NYSE:CHGG) Increases By 6.9%

Chegg, Inc. (NYSE:CHGG) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 13,960,000 shares, a growth of 6.9% from the August 15th total of 13,060,000 shares. Based on an average daily trading volume, of 4,230,000 shares, the days-to-cover ratio is presently 3.3 days. Currently, 14.2% of the company’s shares are sold short.

Chegg Stock Down 3.3 %

Chegg stock traded down $0.06 during mid-day trading on Wednesday, hitting $1.75. The company had a trading volume of 6,573,320 shares, compared to its average volume of 3,527,107. The stock has a market cap of $178.88 million, a price-to-earnings ratio of -9.21, a PEG ratio of 0.68 and a beta of 1.31. Chegg has a 1 year low of $1.72 and a 1 year high of $11.48. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67. The business has a fifty day moving average of $2.52 and a 200 day moving average of $4.40.

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

Analyst Ratings Changes

A number of brokerages have issued reports on CHGG. Craig Hallum cut their price target on shares of Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. Piper Sandler cut their price target on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research note on Tuesday, August 6th. The Goldman Sachs Group upgraded shares of Chegg from a “sell” rating to a “neutral” rating and cut their target price for the stock from $7.00 to $3.75 in a research note on Tuesday, August 6th. Finally, StockNews.com lowered shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat.com, Chegg currently has an average rating of “Hold” and a consensus price target of $5.47.

Institutional Investors Weigh In On Chegg

Several large investors have recently modified their holdings of CHGG. Jump Financial LLC boosted its holdings in shares of Chegg by 64.8% in the fourth quarter. Jump Financial LLC now owns 48,200 shares of the technology company’s stock valued at $548,000 after acquiring an additional 18,944 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Chegg by 39.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock worth $30,084,000 after purchasing an additional 750,677 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Chegg by 30.0% during the fourth quarter. Principal Financial Group Inc. now owns 89,569 shares of the technology company’s stock worth $1,018,000 after purchasing an additional 20,682 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of Chegg by 10.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 87,120 shares of the technology company’s stock worth $990,000 after purchasing an additional 8,256 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Chegg by 59.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 225,956 shares of the technology company’s stock worth $2,567,000 after purchasing an additional 84,617 shares during the period. 95.18% of the stock is owned by institutional investors and hedge funds.

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.