Susquehanna Fundamental Investments LLC Grows Position in Chegg, Inc. (NYSE:CHGG)

Susquehanna Fundamental Investments LLC increased its position in shares of Chegg, Inc. (NYSE:CHGG) by 76.9% during the second quarter, Holdings Channel reports. The institutional investor owned 607,250 shares of the technology company’s stock after buying an additional 263,927 shares during the quarter. Susquehanna Fundamental Investments LLC’s holdings in Chegg were worth $1,919,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the company. Mackenzie Financial Corp increased its stake in shares of Chegg by 207.5% during the second quarter. Mackenzie Financial Corp now owns 348,555 shares of the technology company’s stock worth $1,101,000 after buying an additional 235,197 shares during the period. Millennium Management LLC increased 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 worth $7,019,000 after buying an additional 1,361,710 shares during the period. Maverick Capital Ltd. purchased a new stake in shares of Chegg during the second quarter worth approximately $685,000. AQR Capital Management LLC increased its stake 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 buying an additional 2,130,998 shares during the period. Finally, Sei Investments Co. increased its stake in shares of Chegg by 761.1% during the second quarter. Sei Investments Co. now owns 88,448 shares of the technology company’s stock worth $279,000 after buying an additional 78,177 shares during the period. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Chegg Price Performance

CHGG stock opened at $1.78 on Tuesday. The company has a market capitalization of $181.44 million, a P/E ratio of -9.34, a PEG ratio of 0.58 and a beta of 1.31. Chegg, Inc. has a twelve month low of $1.63 and a twelve month high of $11.48. The business has a 50 day simple moving average of $2.26 and a 200-day simple moving average of $3.99. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $163.10 million during the quarter, compared to the consensus estimate of $160.02 million. During the same period last year, the company earned $0.01 earnings per share. The company’s revenue for the quarter was down 10.8% on a year-over-year basis. As a group, equities analysts anticipate that Chegg, Inc. will post 0.19 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Tuesday, August 6th. Craig Hallum dropped 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 dropped 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. Northland Securities dropped their price target on shares of Chegg from $7.00 to $6.00 and set a “market perform” rating on the stock 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 investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $5.47.

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.