Craig Hallum Cuts Chegg (NYSE:CHGG) Price Target to $1.50

Chegg (NYSE:CHGG) had its price target cut by Craig Hallum from $3.00 to $1.50 in a report released on Wednesday,Benzinga reports. They currently have a hold rating on the technology company’s stock.

Several other brokerages also recently commented on CHGG. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Wednesday. The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and reduced their price target for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th. Morgan Stanley decreased their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. Piper Sandler cut their price objective on Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Finally, StockNews.com downgraded Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.69.

Chegg Price Performance

NYSE:CHGG opened at $1.72 on Wednesday. The firm has a market capitalization of $178.89 million, a price-to-earnings ratio of -0.21, a PEG ratio of 0.56 and a beta of 1.32. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.89. The business has a 50 day simple moving average of $1.70 and a 200-day simple moving average of $2.70. Chegg has a 1 year low of $1.34 and a 1 year high of $11.48.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The company had revenue of $136.59 million during the quarter, compared to the consensus estimate of $134.12 million. During the same period last year, the company earned ($0.07) earnings per share. Chegg’s revenue was down 13.5% on a year-over-year basis. Equities analysts forecast that Chegg will post 0.19 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC bought a new position in shares of Chegg during the first quarter valued at approximately $30,000. Janney Montgomery Scott LLC boosted its position in Chegg by 26.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 109,821 shares of the technology company’s stock valued at $831,000 after acquiring an additional 22,701 shares in the last quarter. Entropy Technologies LP bought a new stake in Chegg during the 1st quarter valued at $90,000. First Eagle Investment Management LLC increased its holdings in shares of Chegg by 40.6% in the 1st quarter. First Eagle Investment Management LLC now owns 412,063 shares of the technology company’s stock valued at $3,119,000 after acquiring an additional 118,995 shares during the period. Finally, Banco Santander S.A. raised its position in shares of Chegg by 3.8% in the 1st quarter. Banco Santander S.A. now owns 101,773 shares of the technology company’s stock worth $770,000 after acquiring an additional 3,760 shares in the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

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.