GSA Capital Partners LLP Makes New $836,000 Investment in Chegg, Inc. $CHGG

GSA Capital Partners LLP acquired a new stake in Chegg, Inc. (NYSE:CHGG) during the second quarter, according to its most recent filing with the SEC. The firm acquired 827,450 shares of the technology company’s stock, valued at approximately $836,000. GSA Capital Partners LLP owned about 0.74% of Chegg as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC lifted its stake in shares of Chegg by 2.6% during the first quarter. Empowered Funds LLC now owns 377,353 shares of the technology company’s stock valued at $280,000 after acquiring an additional 9,549 shares during the period. Bank of America Corp DE boosted its holdings in Chegg by 12.1% in the first quarter. Bank of America Corp DE now owns 119,544 shares of the technology company’s stock valued at $89,000 after acquiring an additional 12,923 shares during the last quarter. Renaissance Technologies LLC increased its position in Chegg by 0.3% in the first quarter. Renaissance Technologies LLC now owns 3,346,800 shares of the technology company’s stock worth $2,481,000 after purchasing an additional 10,820 shares during the period. Bank of New York Mellon Corp increased its position in Chegg by 32.5% in the first quarter. Bank of New York Mellon Corp now owns 230,293 shares of the technology company’s stock worth $171,000 after purchasing an additional 56,531 shares during the period. Finally, Virtu Financial LLC bought a new stake in Chegg during the 4th quarter worth about $49,000. 95.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Chegg news, Director Renee Varni Budig sold 54,347 shares of Chegg stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $0.78, for a total transaction of $42,390.66. Following the transaction, the director directly owned 376,311 shares in the company, valued at approximately $293,522.58. The trade was a 12.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.00% of the company’s stock.

Analysts Set New Price Targets

CHGG has been the topic of a number of research reports. Weiss Ratings upgraded shares of Chegg from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. Zacks Research cut shares of Chegg from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Chegg has an average rating of “Reduce”.

Chegg Stock Performance

Shares of NYSE:CHGG opened at $0.76 on Wednesday. Chegg, Inc. has a 52 week low of $0.45 and a 52 week high of $1.90. The company has a market capitalization of $84.83 million, a PE ratio of -1.56 and a beta of 2.17. The company has a 50 day moving average price of $0.96 and a two-hundred day moving average price of $0.91.

Chegg (NYSE:CHGG) last posted its earnings results on Thursday, August 6th. The technology company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. Chegg had a negative net margin of 19.96% and a negative return on equity of 13.38%. The company had revenue of $51.85 million for the quarter, compared to analyst estimates of $49.50 million. On average, sell-side analysts forecast that Chegg, Inc. will post -0.22 earnings per share for the current year.

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.