Chegg, Inc. (NYSE:CHGG) Receives $2.08 Average PT from Analysts

Shares of Chegg, Inc. (NYSE:CHGG) have earned an average recommendation of “Reduce” from the seven ratings firms that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $2.08.

A number of equities analysts have commented on CHGG shares. 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. Craig Hallum dropped their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research note 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 note on Wednesday, November 13th. The Goldman Sachs Group dropped their price target on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Finally, Piper Sandler dropped their price target on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a research note on Tuesday, February 25th.

Institutional Investors Weigh In On Chegg

Large investors have recently added to or reduced their stakes in the stock. Virtus Fund Advisers LLC purchased a new stake in Chegg in the 4th quarter valued at about $28,000. Caprock Group LLC purchased a new stake in Chegg in the 4th quarter valued at about $28,000. Pallas Capital Advisors LLC boosted its position in Chegg by 60.5% in the 4th 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 period. Ieq Capital LLC purchased a new stake in Chegg in the 4th quarter valued at about $31,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of Chegg by 272.2% in the 3rd 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 in the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Stock Performance

Shares of NYSE:CHGG opened at $0.81 on Tuesday. Chegg has a 52 week low of $0.80 and a 52 week high of $8.41. The stock has a market capitalization of $85.14 million, a P/E ratio of -0.10 and a beta of 1.52. The firm has a fifty day simple moving average of $1.44 and a two-hundred day simple moving average of $1.72. 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 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.