Needham & Company LLC Reaffirms “Hold” Rating for Chegg (NYSE:CHGG)

Chegg (NYSE:CHGG)‘s stock had its “hold” rating restated by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports.

A number of other brokerages have also recently issued reports on CHGG. Northland Securities dropped their target price on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday. The Goldman Sachs Group upgraded shares of Chegg from a “sell” rating to a “neutral” rating and reduced their target price for the company from $7.00 to $3.75 in a research note on Tuesday, August 6th. Morgan Stanley cut their price target on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. StockNews.com cut shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Finally, Piper Sandler cut their target price on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a research note on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat.com, Chegg has an average rating of “Hold” and a consensus target price of $4.69.

Chegg Price Performance

Shares of CHGG stock opened at $1.72 on Wednesday. Chegg has a 12 month low of $1.34 and a 12 month high of $11.48. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67. The stock has a 50 day moving average of $1.70 and a two-hundred day moving average of $2.74. The company has a market capitalization of $175.31 million, a P/E ratio of -0.21, a P/E/G ratio of 0.63 and a beta of 1.32.

Chegg (NYSE:CHGG) last released its quarterly earnings data 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 during 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%. The firm’s revenue for the quarter was down 13.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.07) EPS. As a group, equities analysts expect that Chegg will post 0.19 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CHGG. Gladius Capital Management LP acquired a new stake in shares of Chegg in the 2nd quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new position in Chegg in the first quarter valued at about $30,000. Adero Partners LLC bought a new position in Chegg in the second quarter valued at about $34,000. Point72 Asia Singapore Pte. Ltd. increased its position in Chegg by 272.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after purchasing an additional 18,320 shares during the period. Finally, Intech Investment Management LLC bought a new stake in Chegg during the 3rd quarter worth about $56,000. Institutional investors 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.