BNP Paribas Financial Markets Boosts Stake in Chegg, Inc. (NYSE:CHGG)

BNP Paribas Financial Markets grew its holdings in Chegg, Inc. (NYSE:CHGG) by 389.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 100,774 shares of the technology company’s stock after purchasing an additional 80,183 shares during the period. BNP Paribas Financial Markets’ holdings in Chegg were worth $178,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in Chegg by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after purchasing an additional 433,709 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of 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 in the last quarter. Millennium Management LLC raised its holdings in shares of Chegg by 158.4% in the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after buying an additional 1,361,710 shares during the period. Acadian Asset Management LLC raised its holdings in shares of Chegg by 11,517.3% in the 2nd quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock valued at $6,807,000 after buying an additional 2,136,336 shares during the period. Finally, Divisadero Street Capital Management LP acquired a new position in Chegg during the 2nd quarter worth about $3,501,000. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Chegg Trading Down 5.2 %

NYSE:CHGG opened at $2.20 on Wednesday. Chegg, Inc. has a 1 year low of $1.34 and a 1 year high of $11.48. The stock has a market cap of $229.48 million, a P/E ratio of -0.28 and a beta of 1.36. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a 50-day simple moving average of $1.89 and a 200-day simple moving average of $2.34.

Chegg (NYSE:CHGG) last posted its earnings results 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 during 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 firm’s revenue was down 13.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.07) earnings per share. As a group, analysts anticipate that Chegg, Inc. will post 0.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CHGG. Piper Sandler dropped 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. 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 report on Wednesday, November 13th. The Goldman Sachs Group reduced their target price on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a 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, Craig Hallum reduced their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.69.

Chegg 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.