Shares of Chegg, Inc. (NYSE:CHGG – Get Free Report) dropped 2.7% during mid-day trading on Monday after Jefferies Financial Group lowered their price target on the stock from $10.00 to $7.00. Jefferies Financial Group currently has a hold rating on the stock. Chegg traded as low as $6.87 and last traded at $6.91. Approximately 687,488 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 2,602,141 shares. The stock had previously closed at $7.10.
CHGG has been the subject of a number of other research reports. The Goldman Sachs Group lowered their target price on Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a research note on Tuesday, February 6th. BMO Capital Markets lowered their price objective on Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a research report on Tuesday, February 6th. Morgan Stanley reduced their target price on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Friday, April 19th. JPMorgan Chase & Co. decreased their price target on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Finally, Piper Sandler lowered shares of Chegg from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $9.56.
Institutional Investors Weigh In On Chegg
Institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC boosted its position in shares of Chegg by 185.5% during the third quarter. Acadian Asset Management LLC now owns 294,208 shares of the technology company’s stock valued at $2,621,000 after buying an additional 191,165 shares during the last quarter. Trexquant Investment LP bought a new position in Chegg during the 3rd quarter valued at about $3,907,000. AQR Capital Management LLC boosted its holdings in shares of Chegg by 75.4% during the 3rd quarter. AQR Capital Management LLC now owns 693,676 shares of the technology company’s stock valued at $6,188,000 after acquiring an additional 298,194 shares during the last quarter. Graham Capital Management L.P. grew its stake in shares of Chegg by 28.2% in the third quarter. Graham Capital Management L.P. now owns 126,457 shares of the technology company’s stock worth $1,128,000 after acquiring an additional 27,813 shares during the period. Finally, Hsbc Holdings PLC raised its holdings in shares of Chegg by 114.4% during the third quarter. Hsbc Holdings PLC now owns 262,562 shares of the technology company’s stock valued at $2,347,000 after purchasing an additional 140,113 shares during the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.
Chegg Trading Up 1.0 %
The company has a debt-to-equity ratio of 0.26, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $728.26 million, a P/E ratio of -44.81, a P/E/G ratio of 1.38 and a beta of 1.26. The stock’s 50-day moving average is $7.77 and its two-hundred day moving average is $9.09.
Chegg (NYSE:CHGG – Get Free Report) last released its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, meeting the consensus estimate of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The firm had revenue of $187.99 million for the quarter, compared to analysts’ expectations of $185.94 million. During the same period in the prior year, the firm earned $0.16 EPS. The company’s revenue was down 8.4% compared to the same quarter last year. As a group, equities research analysts predict that Chegg, Inc. will post 0.26 earnings per share for the current fiscal year.
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.