Chegg (NYSE:CHGG) Price Target Cut to $1.50 by Analysts at Craig Hallum

Chegg (NYSE:CHGG) had its target price decreased by investment analysts at Craig Hallum from $3.00 to $1.50 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Craig Hallum’s price objective suggests a potential downside of 12.54% from the company’s previous close.

CHGG has been the subject of a number of other research reports. The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and lowered their price objective for the stock from $7.00 to $3.75 in a research report on Tuesday, August 6th. Piper Sandler decreased their target price on Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Wednesday. StockNews.com cut shares of Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, Northland Securities dropped their price objective on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to data from MarketBeat, Chegg presently has a consensus rating of “Hold” and a consensus target price of $4.69.

Chegg Trading Up 8.5 %

Shares of CHGG stock opened at $1.72 on Wednesday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.89. Chegg has a twelve month low of $1.34 and a twelve month high of $11.48. The company’s 50-day moving average price is $1.70 and its 200-day moving average price is $2.74.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.06 by $0.03. The business had revenue of $136.59 million for the quarter, compared to analyst estimates of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The company’s quarterly revenue was down 13.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.07) EPS. As a group, equities analysts expect that Chegg will post 0.19 earnings per share for the current year.

Institutional Trading of Chegg

Institutional investors have recently bought and sold shares of the business. 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 valued at $14,488,000 after acquiring an additional 433,709 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Chegg by 284.9% during 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 during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of 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 valued at $20,798,000 after buying an additional 105,511 shares in the last quarter. Millennium Management LLC grew its position in shares of Chegg by 158.4% in the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after buying an additional 1,361,710 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in 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 worth $6,807,000 after acquiring an additional 2,136,336 shares in the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

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.