Investors Buy Large Volume of Chegg Call Options (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) saw unusually large options trading activity on Tuesday. Stock investors bought 11,744 call options on the stock. This represents an increase of approximately 362% compared to the average daily volume of 2,541 call options.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CHGG. AQR Capital Management LLC grew its holdings in Chegg by 95.9% during the first quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock valued at $1,925,000 after purchasing an additional 1,474,640 shares during the period. Empowered Funds LLC boosted its holdings in shares of Chegg by 8.5% in the first quarter. Empowered Funds LLC now owns 424,563 shares of the technology company’s stock valued at $271,000 after buying an additional 33,269 shares during the period. Strs Ohio acquired a new position in shares of Chegg in the first quarter valued at approximately $56,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Chegg by 158.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,756,917 shares of the technology company’s stock valued at $4,546,000 after buying an additional 2,305,872 shares during the period. Finally, Jump Financial LLC acquired a new position in shares of Chegg in the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 95.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Zacks Research upgraded shares of Chegg from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Chegg in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold”.

Chegg Stock Up 5.8%

NYSE CHGG traded up $0.06 during trading on Tuesday, reaching $1.16. 996,442 shares of the stock traded hands, compared to its average volume of 1,608,591. The firm has a market cap of $130.32 million, a price-to-earnings ratio of -1.47 and a beta of 2.16. The stock’s 50-day moving average price is $1.12 and its 200 day moving average price is $0.89. Chegg has a fifty-two week low of $0.45 and a fifty-two week high of $1.90.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Wednesday, May 6th. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.06. The firm had revenue of $63.26 million during the quarter, compared to analysts’ expectations of $60.95 million. Chegg had a negative net margin of 26.89% and a negative return on equity of 6.73%. Analysts anticipate that Chegg will post -0.22 EPS for the current fiscal 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.