Chegg, Inc. (NYSE:CHGG) Sees Large Decrease in Short Interest

Chegg, Inc. (NYSE:CHGG) was the recipient of a large decline in short interest in March. As of March 31st, there was short interest totalling 13,610,000 shares, a decline of 13.2% from the March 15th total of 15,680,000 shares. Based on an average trading volume of 2,710,000 shares, the short-interest ratio is presently 5.0 days. Currently, 13.7% of the company’s stock are short sold.

Analysts Set New Price Targets

Several research firms have recently commented on CHGG. Piper Sandler lowered Chegg from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $9.00 to $8.50 in a research report on Tuesday, February 6th. StockNews.com raised Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Piper Sandler Companies lowered Chegg to an “underweight” rating and reduced their price target for the stock from $9.00 to $8.50 in a research report on Tuesday, February 6th. BMO Capital Markets dropped their target price on Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 6th. Finally, The Goldman Sachs Group dropped their target price on Chegg from $8.00 to $7.00 and set a “sell” rating on the stock in a research note on Tuesday, February 6th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $10.22.

Hedge Funds Weigh In On Chegg

A number of large investors have recently bought and sold shares of the business. Point72 Asset Management L.P. acquired a new position in shares of Chegg during the second quarter valued at approximately $25,000. Virtus Fund Advisers LLC acquired a new position in shares of Chegg during the fourth quarter valued at approximately $29,000. AM Squared Ltd acquired a new position in shares of Chegg during the first quarter valued at approximately $47,000. Headlands Technologies LLC acquired a new position in shares of Chegg during the fourth quarter valued at approximately $48,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Chegg by 58.4% during the third quarter. Tower Research Capital LLC TRC now owns 5,539 shares of the technology company’s stock valued at $49,000 after acquiring an additional 2,043 shares during the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Stock Performance

Shares of CHGG traded down $0.06 during mid-day trading on Tuesday, reaching $6.81. The company had a trading volume of 1,977,150 shares, compared to its average volume of 2,686,884. Chegg has a 52-week low of $6.63 and a 52-week high of $18.77. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $701.09 million, a P/E ratio of -42.56, a PEG ratio of 1.39 and a beta of 1.26. The stock has a 50 day moving average of $8.08 and a two-hundred day moving average of $9.18.

Chegg (NYSE:CHGG) last issued its earnings results on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, hitting analysts’ consensus estimates of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The firm had revenue of $187.99 million for the quarter, compared to the consensus estimate of $185.94 million. During the same quarter in the prior year, the business earned $0.16 earnings per share. The company’s revenue was down 8.4% compared to the same quarter last year. On average, analysts expect that Chegg will post 0.26 earnings per share for the current year.

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.