Chegg (NYSE:CHGG) Shares Cross Below 200 Day Moving Average – Should You Sell?

Chegg, Inc. (NYSE:CHGG)’s share price passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.29 and traded as low as $0.9201. Chegg shares last traded at $0.9680, with a volume of 1,108,308 shares.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CHGG. Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a report on Monday, December 8th. Zacks Research upgraded shares of Chegg from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 19th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, Chegg presently has a consensus rating of “Reduce” and an average target price of $1.13.

Chegg Trading Down 1.8%

The business’s 50 day moving average price is $1.10 and its 200-day moving average price is $1.29. The company has a market cap of $104.03 million, a price-to-earnings ratio of -1.32 and a beta of 1.99.

Institutional Trading of Chegg

Hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in shares of Chegg by 78.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,670,399 shares of the technology company’s stock worth $1,068,000 after purchasing an additional 736,239 shares in the last quarter. Nuveen LLC acquired a new stake in Chegg during the first quarter worth approximately $174,000. Acadian Asset Management LLC increased its stake in Chegg by 11.2% during the 1st quarter. Acadian Asset Management LLC now owns 4,175,681 shares of the technology company’s stock worth $2,664,000 after acquiring an additional 421,796 shares during the period. Hsbc Holdings PLC raised its holdings in Chegg by 45.7% in the 1st quarter. Hsbc Holdings PLC now owns 73,152 shares of the technology company’s stock valued at $46,000 after acquiring an additional 22,946 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Chegg during the 1st quarter valued at $28,000. 95.18% of the stock is 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.