Chegg (NYSE:CHGG) Share Price Passes Below 200 Day Moving Average – Time to Sell?

Shares of Chegg, Inc. (NYSE:CHGG) crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $1.61 and traded as low as $0.62. Chegg shares last traded at $0.63, with a volume of 5,733,293 shares traded.

Analyst Upgrades and Downgrades

CHGG has been the subject of several recent research reports. Morgan Stanley reissued an “underweight” rating and set a $1.25 price objective (down from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research note on Tuesday, February 25th. Finally, Piper Sandler reduced their price objective on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 25th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $2.08.

Chegg Price Performance

The company’s 50 day simple moving average is $1.19 and its 200 day simple moving average is $1.59. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market cap of $77.04 million, a P/E ratio of -0.09 and a beta of 1.52.

Institutional Investors Weigh In On Chegg

A number of hedge funds have recently modified their holdings of CHGG. Caprock Group LLC acquired a new stake in Chegg during the 4th quarter worth approximately $28,000. Pallas Capital Advisors LLC raised its holdings in shares of 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 during the period. Virtus Fund Advisers LLC acquired a new stake in shares of Chegg during the fourth quarter worth $28,000. Ieq Capital LLC bought a new stake in Chegg in the 4th quarter valued at $31,000. Finally, Point72 Asia Singapore Pte. Ltd. boosted its stake 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 during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.