Chegg, Inc. (NYSE:CHGG) Receives $4.69 Consensus PT from Brokerages

Shares of Chegg, Inc. (NYSE:CHGG) have been assigned an average rating of “Reduce” from the ten analysts that are covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $4.69.

Several analysts recently issued reports on CHGG shares. Northland Securities lowered their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Craig Hallum dropped their target price on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. The Goldman Sachs Group dropped their price objective on shares of 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 reduced their target price on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Thursday, November 14th.

Chegg Stock Performance

NYSE CHGG opened at $1.65 on Thursday. 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 $1.34 and a 1-year high of $11.48. The firm has a market capitalization of $172.11 million, a P/E ratio of -0.21 and a beta of 1.36. The business’s 50-day simple moving average is $1.92 and its 200-day simple moving average is $2.28.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.03. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The company had revenue of $136.59 million during the quarter, compared to the consensus estimate of $134.12 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. Chegg’s revenue for the quarter was down 13.5% on a year-over-year basis. Equities analysts predict that Chegg will post 0.12 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC raised its stake in shares of Chegg by 11,517.3% in the 2nd quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock valued at $6,807,000 after purchasing an additional 2,136,336 shares in the last quarter. AQR Capital Management LLC raised its stake in Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock valued at $8,694,000 after buying an additional 2,130,998 shares in the last quarter. Millennium Management LLC lifted its holdings in Chegg by 158.4% during the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after buying an additional 1,361,710 shares during the last quarter. Divisadero Street Capital Management LP acquired a new position in shares of Chegg in the 2nd quarter worth approximately $3,501,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Chegg by 23,988.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock valued at $2,995,000 after acquiring an additional 943,703 shares during the last quarter. 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.