Chegg, Inc. (NYSE:CHGG) Shares Sold by Algert Global LLC

Algert Global LLC decreased its holdings in Chegg, Inc. (NYSE:CHGG) by 66.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,361 shares of the technology company’s stock after selling 20,537 shares during the quarter. Algert Global LLC’s holdings in Chegg were worth $33,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CHGG. Millennium Management LLC grew its stake in Chegg by 158.4% during the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after purchasing an additional 1,361,710 shares during the last quarter. AQR Capital Management LLC boosted its position in Chegg by 284.9% in the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock valued at $8,694,000 after buying an additional 2,130,998 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Chegg in the first quarter valued at approximately $2,599,000. Allspring Global Investments Holdings LLC purchased a new stake in Chegg in the first quarter valued at approximately $30,000. Finally, Empowered Funds LLC boosted its position in Chegg by 8.2% in the first quarter. Empowered Funds LLC now owns 328,160 shares of the technology company’s stock valued at $2,484,000 after buying an additional 24,817 shares during the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Trading Up 0.7 %

Shares of NYSE:CHGG opened at $1.54 on Friday. Chegg, Inc. has a 1 year low of $1.48 and a 1 year high of $11.48. The firm has a market capitalization of $157.41 million, a price-to-earnings ratio of -8.11, a price-to-earnings-growth ratio of 0.55 and a beta of 1.31. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.89 and a quick ratio of 0.89. The business’s 50 day moving average price is $1.95 and its 200-day moving average price is $3.63.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share (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 firm had revenue of $163.10 million for the quarter, compared to analyst estimates of $160.02 million. During the same quarter last year, the firm posted $0.01 EPS. The business’s revenue was down 10.8% on a year-over-year basis. On average, equities research analysts forecast that Chegg, Inc. will post 0.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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