Northland Securities Cuts Chegg (NYSE:CHGG) Price Target to $3.00

Chegg (NYSE:CHGG) had its price target decreased by research analysts at Northland Securities from $4.00 to $3.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the technology company’s stock. Northland Securities’ target price suggests a potential upside of 74.93% from the company’s current price.

A number of other equities research analysts also recently issued reports on CHGG. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research note on Tuesday, August 6th. StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Morgan Stanley reduced their price target on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 6th. Craig Hallum reduced 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. Finally, Piper Sandler reduced 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. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.69.

Chegg Price Performance

Shares of CHGG stock opened at $1.72 on Wednesday. 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 firm’s 50-day moving average is $1.70 and its two-hundred day moving average is $2.74. Chegg has a 12 month low of $1.34 and a 12 month high of $11.48. The company has a market capitalization of $175.31 million, a PE ratio of -0.21, a price-to-earnings-growth ratio of 0.63 and a beta of 1.32.

Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The company had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 1.91%. Chegg’s quarterly revenue was down 13.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.07) earnings per share. Analysts predict that Chegg will post 0.19 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHGG. Gladius Capital Management LP acquired a new position in Chegg during the 2nd quarter worth approximately $27,000. Allspring Global Investments Holdings LLC acquired a new position in Chegg during the 1st quarter worth approximately $30,000. Adero Partners LLC acquired a new position in Chegg during the 2nd quarter worth approximately $34,000. Intech Investment Management LLC acquired a new position in Chegg during the 3rd quarter worth approximately $56,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in shares of Chegg in the 2nd quarter valued at $60,000. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.