Chegg (NYSE:CHGG) Hits New 52-Week Low at $6.95

Shares of Chegg, Inc. (NYSE:CHGG) hit a new 52-week low on Monday . The stock traded as low as $6.95 and last traded at $6.96, with a volume of 275669 shares trading hands. The stock had previously closed at $7.15.

Analyst Ratings Changes

Several research analysts have weighed in on the company. The Goldman Sachs Group lowered 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. Piper Sandler downgraded Chegg from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 23rd. JPMorgan Chase & Co. lowered their target price on Chegg from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 6th. Finally, Piper Sandler Companies downgraded Chegg to an “underweight” rating and lowered their target price for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $10.22.

Chegg Stock Down 0.9 %

The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a fifty day moving average price of $8.08 and a 200 day moving average price of $9.18. The firm has a market capitalization of $701.09 million, a price-to-earnings ratio of -42.56, a PEG ratio of 1.39 and a beta of 1.26.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The firm had revenue of $187.99 million during the quarter, compared to analysts’ expectations of $185.94 million. Chegg had a return on equity of 1.27% and a net margin of 2.54%. Chegg’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 earnings per share. As a group, sell-side analysts expect that Chegg, Inc. will post 0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Chegg

Several hedge funds and other institutional investors have recently bought and sold shares of CHGG. Natixis Advisors L.P. raised its holdings in Chegg by 152.3% during the first quarter. Natixis Advisors L.P. now owns 33,910 shares of the technology company’s stock worth $1,230,000 after purchasing an additional 20,468 shares during the last quarter. MetLife Investment Management LLC acquired a new position in Chegg during the first quarter worth $265,000. Lord Abbett & CO. LLC acquired a new position in Chegg during the first quarter worth $12,124,000. Canada Pension Plan Investment Board raised its holdings in Chegg by 280.3% during the first quarter. Canada Pension Plan Investment Board now owns 19,345 shares of the technology company’s stock worth $702,000 after purchasing an additional 14,258 shares during the last quarter. Finally, Cetera Investment Advisers acquired a new position in Chegg during the first quarter worth $275,000. 95.18% of the stock is owned by institutional investors and hedge funds.

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.