Chegg, Inc. (NYSE:CHGG) Receives $4.69 Average PT from Brokerages

Chegg, Inc. (NYSE:CHGG) has earned an average recommendation of “Reduce” from the ten brokerages that are covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $4.69.

CHGG has been the topic of several analyst reports. Piper Sandler lowered their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Northland Securities dropped their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. The Goldman Sachs Group decreased their price objective on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Finally, Craig Hallum decreased their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, November 13th.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Virtu Financial LLC bought a new stake in shares of Chegg during the third quarter valued at approximately $130,000. Geode Capital Management LLC increased its holdings in Chegg by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock valued at $4,099,000 after acquiring an additional 26,574 shares during the last quarter. XTX Topco Ltd lifted its stake in Chegg by 384.4% in the 3rd quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock worth $698,000 after purchasing an additional 312,780 shares in the last quarter. Quadrature Capital Ltd lifted its stake in Chegg by 85.6% in the 3rd quarter. Quadrature Capital Ltd now owns 112,423 shares of the technology company’s stock worth $200,000 after purchasing an additional 51,837 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its stake in Chegg by 272.2% in the 3rd 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 in the last quarter. Institutional investors own 95.18% of the company’s stock.

Chegg Price Performance

Shares of NYSE CHGG opened at $1.61 on Thursday. The company’s 50-day moving average is $1.92 and its 200 day moving average is $2.26. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $167.93 million, a P/E ratio of -0.20 and a beta of 1.36. Chegg has a 1 year low of $1.34 and a 1 year high of $11.48.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.06 by $0.03. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The business had revenue of $136.59 million for the quarter, compared to analyst estimates of $134.12 million. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. Chegg’s quarterly revenue was down 13.5% on a year-over-year basis. On average, sell-side analysts expect that Chegg will post 0.12 earnings per share for the current year.

About Chegg

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.