Piper Sandler Issues Pessimistic Forecast for Chegg (NYSE:CHGG) Stock Price

Chegg (NYSE:CHGG) had its price target decreased by investment analysts at Piper Sandler from $1.50 to $1.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the technology company’s stock. Piper Sandler’s price target indicates a potential downside of 11.89% from the stock’s current price.

Several other equities analysts have also issued reports on CHGG. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Tuesday. The Goldman Sachs Group cut their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Craig Hallum cut their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Northland Securities dropped 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. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $1.25 price objective (down previously from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, Chegg currently has an average rating of “Hold” and an average price target of $2.08.

Chegg Stock Down 27.2 %

Shares of CHGG traded down $0.43 during midday trading on Tuesday, reaching $1.14. 4,983,403 shares of the stock were exchanged, compared to its average volume of 2,753,000. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. The company’s 50 day moving average is $1.58 and its two-hundred day moving average is $1.80. The company has a market capitalization of $118.39 million, a P/E ratio of -0.14 and a beta of 1.41. Chegg has a 52 week low of $1.01 and a 52 week high of $9.14.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, February 24th. The technology company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.14). The business had revenue of $143.48 million during the quarter, compared to the consensus estimate of $142.05 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. On average, sell-side analysts anticipate that Chegg will post 0.15 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CHGG. Public Employees Retirement System of Ohio increased its position in Chegg by 54.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 99,256 shares of the technology company’s stock worth $160,000 after purchasing an additional 35,100 shares during the last quarter. Virtus Fund Advisers LLC purchased a new position in shares of Chegg in the 4th quarter worth $28,000. Virtus Investment Advisers Inc. acquired a new stake in Chegg during the fourth quarter worth about $479,000. Two Sigma Advisers LP increased its position in Chegg by 1.1% during the 4th quarter. Two Sigma Advisers LP now owns 2,088,900 shares of the technology company’s stock worth $3,363,000 after purchasing an additional 22,100 shares in the last quarter. Finally, Two Sigma Investments LP increased its position in shares of Chegg by 8.2% in the fourth quarter. Two Sigma Investments LP now owns 2,254,234 shares of the technology company’s stock worth $3,629,000 after acquiring an additional 170,077 shares in the last quarter. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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.