Chegg (NYSE:CHGG) PT Lowered to $4.00 at Northland Securities

Chegg (NYSE:CHGG) had its target price dropped by stock analysts at Northland Securities from $6.00 to $4.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “market perform” rating on the technology company’s stock. Northland Securities’ price objective indicates a potential upside of 158.90% from the stock’s current price.

CHGG has been the topic of a number of other research reports. Morgan Stanley cut their target price on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Tuesday, August 6th. Craig Hallum decreased their price objective on Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. Piper Sandler cut their target price on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group upgraded shares of Chegg from a “sell” rating to a “neutral” rating and reduced their price target for the company from $7.00 to $3.75 in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $5.25.

Chegg Stock Down 4.0 %

CHGG traded down $0.07 on Monday, reaching $1.55. The company’s stock had a trading volume of 1,033,488 shares, compared to its average volume of 3,557,805. The company has a market capitalization of $157.93 million, a price-to-earnings ratio of -8.13, a P/E/G ratio of 0.55 and a beta of 1.31. Chegg has a fifty-two week low of $1.48 and a fifty-two week high of $11.48. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67. The stock has a 50 day moving average of $1.87 and a two-hundred day moving average of $3.40.

Chegg (NYSE:CHGG) last issued its quarterly earnings data 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. The business had revenue of $163.10 million during the quarter, compared to the consensus estimate of $160.02 million. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. The company’s revenue was down 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.01 EPS. As a group, analysts forecast that Chegg will post 0.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Chegg

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHGG. Acadian Asset Management LLC boosted its stake in shares of Chegg by 11,517.3% in the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock valued at $6,807,000 after buying an additional 2,136,336 shares in the last quarter. AQR Capital Management LLC boosted 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 purchasing an additional 2,130,998 shares in the last quarter. Millennium Management LLC grew its stake in shares of Chegg by 158.4% during the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after purchasing an additional 1,361,710 shares during the period. Divisadero Street Capital Management LP acquired a new position in shares of Chegg during the 2nd quarter worth $3,501,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Chegg by 23,988.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock valued at $2,995,000 after purchasing an additional 943,703 shares in the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.