Short Interest in Chegg, Inc. (NYSE:CHGG) Expands By 6.1%

Chegg, Inc. (NYSE:CHGG) was the target of a significant increase in short interest in October. As of October 15th, there was short interest totalling 11,870,000 shares, an increase of 6.1% from the September 30th total of 11,190,000 shares. Based on an average daily trading volume, of 3,850,000 shares, the days-to-cover ratio is currently 3.1 days. Currently, 12.1% of the shares of the stock are sold short.

Institutional Trading of Chegg

Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC increased its position 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 valued at $7,019,000 after purchasing an additional 1,361,710 shares during the last quarter. AQR Capital Management LLC boosted its stake 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 acquiring an additional 2,130,998 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Chegg during the 1st quarter valued at $2,599,000. Allspring Global Investments Holdings LLC bought a new stake in Chegg during the first quarter valued at about $30,000. Finally, Empowered Funds LLC raised its stake in shares of Chegg by 8.2% in the first quarter. Empowered Funds LLC now owns 328,160 shares of the technology company’s stock worth $2,484,000 after buying an additional 24,817 shares during the period. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Stock Up 1.9 %

Chegg stock traded up $0.03 during mid-day trading on Friday, hitting $1.63. The company had a trading volume of 3,120,390 shares, compared to its average volume of 3,580,199. The stock’s 50 day moving average price is $1.79 and its two-hundred day moving average price is $3.10. Chegg has a 12 month low of $1.48 and a 12 month high of $11.48. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $166.62 million, a PE ratio of -0.27, a price-to-earnings-growth ratio of 0.59 and a beta of 1.31.

Chegg (NYSE:CHGG) last issued its earnings results on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.21 by $0.03. Chegg had a positive return on equity of 2.10% and a negative net margin of 91.74%. The business had revenue of $163.10 million for the quarter, compared to the consensus estimate of $160.02 million. During the same period last year, the business posted $0.01 EPS. The company’s revenue was down 10.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chegg will post 0.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on CHGG shares. StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Piper Sandler reduced 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. Morgan Stanley lowered their price target on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and reduced their target price for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat, Chegg currently has an average rating of “Hold” and an average price target of $5.25.

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.