Chegg, Inc. (NYSE:CHGG) Given Average Rating of “Reduce” by Analysts

Chegg, Inc. (NYSE:CHGG) has earned a consensus recommendation of “Reduce” from the ten brokerages that are currently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $4.69.

Several research firms have recently weighed in on CHGG. Northland Securities cut their target price on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 13th. Craig Hallum cut their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Piper Sandler lowered their target price on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday, November 14th. 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, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Wednesday, November 13th.

Chegg Stock Performance

Shares of NYSE:CHGG opened at $1.61 on Thursday. The firm has a fifty day simple moving average of $1.92 and a two-hundred day simple moving average of $2.26. Chegg has a 52 week low of $1.34 and a 52 week high of $11.48. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $167.93 million, a P/E ratio of -0.20 and a beta of 1.36.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The firm had revenue of $136.59 million during the quarter, compared to the consensus estimate of $134.12 million. During the same quarter last year, the firm earned ($0.07) EPS. The firm’s revenue for the quarter was down 13.5% compared to the same quarter last year. On average, analysts expect that Chegg will post 0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chegg

Institutional investors have recently modified their holdings of the stock. Adero Partners LLC bought a new position in Chegg during the 2nd quarter worth about $34,000. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Chegg by 272.2% during the third 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. Intech Investment Management LLC purchased a new position in Chegg during the third quarter valued at approximately $56,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Chegg in the 2nd quarter valued at $60,000. Finally, Aspire Wealth Management Corp bought a new position in Chegg in the third quarter worth about $69,000. 95.18% of the stock is owned by hedge funds and other institutional investors.

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.