Chegg (NYSE:CHGG) Rating Increased to Strong-Buy at Zacks Research

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

Several other brokerages have also recently weighed in on CHGG. Weiss Ratings reiterated a “sell (e+)” rating on shares of Chegg in a research note on Friday, March 27th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Chegg presently has a consensus rating of “Hold”.

Chegg Trading Up 15.7%

NYSE:CHGG opened at $1.22 on Tuesday. Chegg has a 12 month low of $0.45 and a 12 month high of $1.90. The company has a market cap of $136.03 million, a PE ratio of -1.54 and a beta of 2.12. The company has a 50 day simple moving average of $0.87 and a two-hundred day simple moving average of $0.86.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC lifted its stake 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 valued at $2,481,000 after buying an additional 10,820 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Chegg by 32.5% during the 1st quarter. Bank of New York Mellon Corp now owns 230,293 shares of the technology company’s stock valued at $171,000 after buying an additional 56,531 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Chegg during the 4th quarter valued at $49,000. Qube Research & Technologies Ltd purchased a new position in shares of Chegg during the 3rd quarter valued at $32,000. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Chegg during the 2nd quarter valued at $36,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

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.