Aspire Wealth Management Corp Takes $69,000 Position in Chegg, Inc. (NYSE:CHGG)

Aspire Wealth Management Corp bought a new position in Chegg, Inc. (NYSE:CHGG) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 38,795 shares of the technology company’s stock, valued at approximately $69,000.

Other hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in shares of Chegg by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after purchasing an additional 433,709 shares in the last quarter. AQR Capital Management LLC increased its holdings in Chegg by 284.9% in the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after buying an additional 2,130,998 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Chegg by 4.0% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,747,406 shares of the technology company’s stock worth $20,798,000 after buying an additional 105,511 shares during the last quarter. Millennium Management LLC lifted its stake in Chegg by 158.4% during the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after acquiring an additional 1,361,710 shares during the period. Finally, Acadian Asset Management LLC boosted its holdings in shares of Chegg by 11,517.3% during the 2nd quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock valued at $6,807,000 after acquiring an additional 2,136,336 shares during the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CHGG has been the subject of several research reports. Morgan Stanley decreased their price objective on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Piper Sandler dropped their price target on Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and reduced their price objective for the company from $7.00 to $3.75 in a research report on Tuesday, August 6th. StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, Craig Hallum cut their price target on Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $5.25.

Chegg Price Performance

Shares of CHGG traded down $0.01 during mid-day trading on Friday, reaching $1.72. The stock had a trading volume of 376,494 shares, compared to its average volume of 3,555,585. The business has a fifty day moving average of $1.74 and a 200 day moving average of $2.92. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $175.31 million, a price-to-earnings ratio of -0.28, a PEG ratio of 0.59 and a beta of 1.32. Chegg, Inc. has a 12 month low of $1.48 and a 12 month high of $11.48.

Chegg (NYSE:CHGG) last issued its earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.03. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. The company had revenue of $163.10 million during the quarter, compared to the consensus estimate of $160.02 million. During the same quarter in the prior year, the firm posted $0.01 EPS. Chegg’s quarterly revenue was down 10.8% compared to the same quarter last year. Equities analysts predict that Chegg, Inc. will post 0.19 EPS for the current year.

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.