Chegg, Inc. (NYSE:CHGG) Given Consensus Recommendation of “Reduce” by Brokerages

Chegg, Inc. (NYSE:CHGG) has been given a consensus recommendation of “Reduce” by the seven brokerages that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $2.17.

A number of equities research analysts recently weighed in on CHGG shares. The Goldman Sachs Group dropped their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Morgan Stanley reaffirmed an “underweight” rating and set a $1.25 target price (down previously from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Piper Sandler dropped their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday, November 14th. Craig Hallum lowered their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Thursday, January 16th.

Institutional Trading of Chegg

Institutional investors and hedge funds have recently made changes to their positions in the company. Pallas Capital Advisors LLC raised its stake in Chegg by 60.5% during the fourth quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock worth $28,000 after acquiring an additional 6,658 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of Chegg by 30.1% during the fourth quarter. Intech Investment Management LLC now owns 41,164 shares of the technology company’s stock worth $66,000 after buying an additional 9,514 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Chegg by 26.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 72,709 shares of the technology company’s stock valued at $129,000 after acquiring an additional 15,180 shares during the last quarter. Caprock Group LLC bought a new stake in Chegg during the 4th quarter worth $28,000. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in Chegg by 272.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after purchasing an additional 18,320 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

Chegg Trading Down 1.1 %

Shares of Chegg stock opened at $1.39 on Friday. The stock has a market cap of $144.47 million, a P/E ratio of -0.17 and a beta of 1.41. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg has a 12-month low of $1.34 and a 12-month high of $9.34. The business’s 50 day moving average is $1.74 and its 200-day moving average is $1.89.

Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (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 company had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. During the same period in the prior year, the firm earned ($0.07) EPS. Chegg’s quarterly revenue was down 13.5% compared to the same quarter last year. Equities research analysts predict that Chegg will post 0.12 earnings per share for the current fiscal year.

About Chegg

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.