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

Chegg, Inc. (NYSE:CHGG) has been given an average rating of “Reduce” by the seven analysts that are covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $2.08.

Several research firms have recently weighed in on CHGG. Piper Sandler decreased their price objective on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a report on Tuesday, February 25th. Morgan Stanley reaffirmed an “underweight” rating and issued a $1.25 target price (down previously from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Tuesday, February 25th.

Chegg Price Performance

NYSE CHGG opened at $0.62 on Friday. Chegg has a one year low of $0.61 and a one year high of $7.68. The stock has a 50-day moving average of $1.12 and a 200 day moving average of $1.56. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $65.00 million, a price-to-earnings ratio of -0.08 and a beta of 1.52.

Hedge Funds Weigh In On Chegg

Several institutional investors and hedge funds have recently bought and sold shares of CHGG. XTX Topco Ltd grew its stake in shares of Chegg by 384.4% during the 3rd quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock valued at $698,000 after acquiring an additional 312,780 shares during the period. Geode Capital Management LLC increased its stake in shares of Chegg by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock worth $4,099,000 after purchasing an additional 26,574 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Chegg by 14.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 911,333 shares of the technology company’s stock valued at $1,613,000 after purchasing an additional 118,403 shares during the period. BNP Paribas Financial Markets raised its position in shares of Chegg by 389.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 100,774 shares of the technology company’s stock valued at $178,000 after purchasing an additional 80,183 shares during the period. Finally, Private Advisor Group LLC purchased a new position in shares of Chegg during the 4th quarter valued at $82,000. 95.18% of the stock is currently 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.