Chegg (NYSE:CHGG) Price Target Lowered to $1.00 at Piper Sandler

Chegg (NYSE:CHGG) had its target price reduced by Piper Sandler from $1.50 to $1.00 in a report published on Tuesday,Benzinga reports. Piper Sandler currently has an underweight rating on the technology company’s stock.

Other equities research analysts have also issued reports about the stock. Morgan Stanley reiterated an “underweight” rating and set a $1.25 price target (down from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Tuesday. The Goldman Sachs Group dropped their price objective on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note 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 on the stock in a research note on Wednesday, November 13th. Finally, Craig Hallum dropped their price objective on shares of 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 five have issued a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.08.

Chegg Price Performance

Shares of NYSE:CHGG opened at $0.98 on Tuesday. The company’s fifty day moving average price is $1.52 and its 200 day moving average price is $1.78. Chegg has a 12 month low of $0.94 and a 12 month high of $9.14. 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 firm has a market capitalization of $103.11 million, a P/E ratio of -0.12 and a beta of 1.41.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Pallas Capital Advisors LLC increased its stake in shares of Chegg by 60.5% during the fourth quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock worth $28,000 after acquiring an additional 6,658 shares during the period. Caprock Group LLC acquired a new position in shares of Chegg during the fourth quarter worth about $28,000. Virtus Fund Advisers LLC acquired a new position in shares of Chegg during the fourth quarter worth about $28,000. Ieq Capital LLC purchased a new stake in Chegg during the fourth quarter worth about $31,000. Finally, Point72 Asia Singapore Pte. Ltd. boosted its holdings in Chegg by 272.2% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after buying an additional 18,320 shares in the last quarter. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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.