Short Interest in Chegg, Inc. (NYSE:CHGG) Grows By 6.5%

Chegg, Inc. (NYSE:CHGG) saw a large increase in short interest in December. As of December 31st, there was short interest totalling 9,940,000 shares, an increase of 6.5% from the December 15th total of 9,330,000 shares. Approximately 10.1% of the shares of the stock are short sold. Based on an average trading volume of 3,930,000 shares, the days-to-cover ratio is presently 2.5 days.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CHGG. Craig Hallum reduced their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Northland Securities decreased their price objective on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Thursday. The Goldman Sachs Group decreased their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Finally, Piper Sandler dropped their price objective on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $4.50.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CHGG. Pallas Capital Advisors LLC lifted its holdings in shares of Chegg by 60.5% in the 4th quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock worth $28,000 after purchasing an additional 6,658 shares during the last quarter. Vanguard Personalized Indexing Management LLC bought a new position in shares of Chegg during the second quarter worth about $60,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Chegg by 272.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after acquiring an additional 18,320 shares during the period. Intech Investment Management LLC bought a new stake in Chegg in the 3rd quarter valued at about $56,000. Finally, Aspire Wealth Management Corp acquired a new position in Chegg during the 3rd quarter valued at about $69,000. 95.18% of the stock is owned by institutional investors and hedge funds.

Chegg Trading Down 3.6 %

Shares of CHGG stock traded down $0.06 during trading hours on Monday, hitting $1.49. 3,113,775 shares of the company were exchanged, compared to its average volume of 2,618,248. Chegg has a 1 year low of $1.34 and a 1 year high of $10.80. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The firm has a fifty day moving average of $1.91 and a 200 day moving average of $2.09. The firm has a market cap of $154.90 million, a PE ratio of -0.19 and a beta of 1.40.

Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.03. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The company had revenue of $136.59 million during the quarter, compared to the consensus estimate of $134.12 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. The company’s revenue was down 13.5% compared to the same quarter last year. Analysts expect that Chegg will post 0.12 earnings per share for the current year.

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.