Chegg (NYSE:CHGG) Lifted to “Equal Weight” at Morgan Stanley

Morgan Stanley upgraded shares of Chegg (NYSE:CHGG) from an underweight rating to an equal weight rating in a research note released on Tuesday morning, MarketBeat.com reports. Morgan Stanley currently has $3.25 price objective on the technology company’s stock, down from their prior price objective of $6.50.

Several other research analysts have also commented on the stock. Piper Sandler reissued an underweight rating and issued a $6.00 price objective (down previously from $8.50) on shares of Chegg in a research note on Tuesday, April 30th. Jefferies Financial Group lowered shares of Chegg from a hold rating to an underperform rating and lowered their price objective for the company from $7.00 to $4.00 in a research note on Tuesday, April 30th. Craig Hallum reissued a hold rating and issued a $7.00 price objective (down previously from $13.00) on shares of Chegg in a research note on Tuesday, April 30th. Finally, Needham & Company LLC reissued a hold rating on shares of Chegg in a research note on Tuesday, June 18th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Chegg currently has a consensus rating of Hold and a consensus target price of $6.84.

Chegg Price Performance

Shares of CHGG opened at $3.27 on Tuesday. Chegg has a 1-year low of $2.53 and a 1-year high of $13.11. The stock has a market cap of $334.26 million, a PE ratio of -17.21, a P/E/G ratio of 0.68 and a beta of 1.35. The firm has a 50-day simple moving average of $3.44 and a two-hundred day simple moving average of $6.66. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). Chegg had a net margin of 2.07% and a return on equity of 0.87%. The company had revenue of $174.35 million for the quarter, compared to analyst estimates of $174.05 million. As a group, analysts forecast that Chegg will post 0.27 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Gladius Capital Management LP purchased a new position in Chegg in the second quarter worth approximately $27,000. Baader Bank Aktiengesellschaft purchased a new position in Chegg in the second quarter worth approximately $1,802,000. SG Americas Securities LLC purchased a new stake in shares of Chegg during the 2nd quarter worth approximately $99,000. Harbor Capital Advisors Inc. lifted its position in shares of Chegg by 62.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 57,529 shares of the technology company’s stock worth $182,000 after buying an additional 22,170 shares during the last quarter. Finally, Quent Capital LLC lifted its position in shares of Chegg by 35.0% during the 2nd quarter. Quent Capital LLC now owns 30,460 shares of the technology company’s stock worth $96,000 after buying an additional 7,892 shares during the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

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.