Piper Sandler Cuts Chegg (NYSE:CHGG) Price Target to $1.00

Chegg (NYSE:CHGG) had its price objective decreased by Piper Sandler from $1.50 to $1.00 in a report published on Tuesday morning,Benzinga reports. Piper Sandler currently has an underweight rating on the technology company’s stock.

CHGG has been the subject of a number of other research reports. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Tuesday. Craig Hallum cut their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. Northland Securities lowered their price objective on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. Morgan Stanley reaffirmed an “underweight” rating and set a $1.25 price objective (down previously from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Finally, The Goldman Sachs Group lowered their price objective on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $2.08.

Chegg Stock Down 4.8 %

Shares of NYSE CHGG opened at $0.98 on Tuesday. The company has a 50 day simple moving average of $1.52 and a 200-day simple moving average of $1.78. The company has a market capitalization of $103.11 million, a P/E ratio of -0.12 and a beta of 1.41. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. Chegg has a 1 year low of $0.94 and a 1 year high of $9.14.

Hedge Funds Weigh In On Chegg

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHGG. Pallas Capital Advisors LLC boosted its position in Chegg by 60.5% in the 4th quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock valued at $28,000 after buying an additional 6,658 shares during the period. Caprock Group LLC purchased a new position in Chegg in the 4th quarter valued at approximately $28,000. Virtus Fund Advisers LLC purchased a new position in Chegg in the 4th quarter valued at approximately $28,000. Ieq Capital LLC purchased a new position in Chegg in the 4th quarter valued at approximately $31,000. Finally, Point72 Asia Singapore Pte. Ltd. boosted its position in Chegg by 272.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after buying an additional 18,320 shares during the period. Hedge funds and other institutional investors 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.