Northland Securities Lowers Chegg (NYSE:CHGG) Price Target to $3.00

Chegg (NYSE:CHGG) had its target price reduced by Northland Securities from $4.00 to $3.00 in a report published on Wednesday morning,Benzinga reports. Northland Securities currently has a market perform rating on the technology company’s stock.

Several other research analysts also recently commented on the company. StockNews.com downgraded Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday, August 6th. Craig Hallum lowered their price target on shares of Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. Piper Sandler dropped their price target on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Finally, 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 research report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Chegg has a consensus rating of “Hold” and a consensus target price of $4.69.

Chegg Stock Performance

Chegg stock opened at $1.72 on Wednesday. The business has a 50 day moving average of $1.70 and a 200-day moving average of $2.70. 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 1 year low of $1.34 and a 1 year high of $11.48. The company has a market capitalization of $178.89 million, a P/E ratio of -0.21, a P/E/G ratio of 0.56 and a beta of 1.32.

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

Institutional Trading of Chegg

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Gladius Capital Management LP acquired a new stake in Chegg in the second quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC bought a new position in shares of Chegg in the 1st quarter worth $30,000. Adero Partners LLC acquired a new stake in Chegg in the 2nd quarter valued at $34,000. Point72 Asia Singapore Pte. Ltd. increased its stake in Chegg by 272.2% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after purchasing an additional 18,320 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in Chegg during the third quarter worth $56,000. 95.18% of the stock is owned by 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.