Chegg, Inc. (NYSE:CHGG) Short Interest Up 6.5% in December

Chegg, Inc. (NYSE:CHGG) was the target of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 9,940,000 shares, a growth of 6.5% from the December 15th total of 9,330,000 shares. Based on an average trading volume of 3,930,000 shares, the days-to-cover ratio is currently 2.5 days. Currently, 10.1% of the shares of the stock are short sold.

Hedge Funds Weigh In On Chegg

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHGG. AQR Capital Management LLC increased 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 worth $8,694,000 after purchasing an additional 2,130,998 shares during the period. Millennium Management LLC grew its holdings in 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 last quarter. Dimensional Fund Advisors LP increased its position 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 worth $14,488,000 after buying an additional 433,709 shares during the period. XTX Topco Ltd lifted its holdings in shares of Chegg by 384.4% during the third quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock worth $698,000 after buying an additional 312,780 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its position in shares of Chegg by 69.2% in the second quarter. First Eagle Investment Management LLC now owns 697,063 shares of the technology company’s stock valued at $2,203,000 after acquiring an additional 285,000 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Stock Down 3.6 %

CHGG stock traded down $0.06 during trading hours on Monday, hitting $1.49. The company’s stock had a trading volume of 3,113,775 shares, compared to its average volume of 2,618,248. The stock has a 50 day moving average price of $1.91 and a two-hundred day moving average price of $2.09. Chegg has a 12 month low of $1.34 and a 12 month high of $10.80. The company has a market capitalization of $154.90 million, a PE ratio of -0.19 and a beta of 1.40. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share 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 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 business’s quarterly revenue was down 13.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. On average, equities research analysts expect that Chegg will post 0.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

CHGG has been the subject of several recent analyst reports. Northland Securities decreased their target price 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. Craig Hallum lowered their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Thursday. 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. Finally, Morgan Stanley reissued an “underweight” rating and issued a $1.25 price objective (down from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Four analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat.com, Chegg has a consensus rating of “Hold” and a consensus price target of $4.50.

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.