Chegg (NYSE:CHGG) Lowered to Hold Rating by Zacks Research

Chegg (NYSE:CHGG) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Separately, Weiss Ratings raised Chegg from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Chegg currently has an average rating of “Reduce”.

Chegg Price Performance

Chegg stock opened at $0.94 on Monday. The company has a market capitalization of $104.68 million, a P/E ratio of -1.18 and a beta of 2.18. Chegg has a 1 year low of $0.45 and a 1 year high of $1.90. The business has a 50 day moving average of $1.15 and a 200-day moving average of $0.91.

Chegg (NYSE:CHGG) last announced its earnings results on Wednesday, May 6th. The technology company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.06. The firm had revenue of $63.26 million for the quarter, compared to the consensus estimate of $60.95 million. Chegg had a negative return on equity of 6.73% and a negative net margin of 26.89%. Equities analysts anticipate that Chegg will post -0.22 EPS for the current year.

Hedge Funds Weigh In On Chegg

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC boosted its position in Chegg by 2.6% during the first quarter. Empowered Funds LLC now owns 377,353 shares of the technology company’s stock worth $280,000 after purchasing an additional 9,549 shares during the period. Bank of America Corp DE lifted its position in Chegg by 12.1% during the first quarter. Bank of America Corp DE now owns 119,544 shares of the technology company’s stock valued at $89,000 after purchasing an additional 12,923 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Chegg by 0.3% during the 1st quarter. Renaissance Technologies LLC now owns 3,346,800 shares of the technology company’s stock worth $2,481,000 after acquiring an additional 10,820 shares during the last quarter. Bank of New York Mellon Corp raised its position in Chegg by 32.5% during the first quarter. Bank of New York Mellon Corp now owns 230,293 shares of the technology company’s stock valued at $171,000 after purchasing an additional 56,531 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in Chegg during the fourth quarter worth about $49,000. 95.18% of the stock is owned by hedge funds and other institutional investors.

About Chegg

Chegg, Inc (NYSE: CHGG) is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.

The company’s core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.