Chegg, Inc. (NYSE:CHGG) Short Interest Update

Chegg, Inc. (NYSE:CHGG) was the target of a significant growth in short interest in January. As of January 31st, there was short interest totalling 10,600,000 shares, a growth of 8.5% from the January 15th total of 9,770,000 shares. Currently, 11.0% of the company’s stock are sold short. Based on an average daily trading volume, of 3,570,000 shares, the days-to-cover ratio is presently 3.0 days.

Institutional Investors Weigh In On Chegg

Hedge funds have recently added to or reduced their stakes in the stock. Virtus Fund Advisers LLC bought a new stake in Chegg in the fourth quarter valued at $28,000. Caprock Group LLC bought a new stake in Chegg in the fourth quarter valued at $28,000. Pallas Capital Advisors LLC lifted its stake in Chegg by 60.5% in the fourth quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock valued at $28,000 after buying an additional 6,658 shares during the last quarter. Ieq Capital LLC bought a new stake in Chegg in the fourth quarter valued at $31,000. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Chegg by 272.2% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after purchasing an additional 18,320 shares during the period. 95.18% of the stock is currently owned by institutional investors.

Chegg Stock Performance

CHGG stock opened at $1.47 on Tuesday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $153.75 million, a price-to-earnings ratio of -0.19 and a beta of 1.41. Chegg has a 1 year low of $1.30 and a 1 year high of $9.14. The stock’s fifty day moving average is $1.66 and its two-hundred day moving average is $1.83.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CHGG shares. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Thursday, January 16th. Northland Securities decreased their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. The Goldman Sachs Group reduced their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Piper Sandler reduced their price objective on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Finally, Morgan Stanley restated an “underweight” rating and set a $1.25 price objective (down from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $2.17.

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.