Chegg (NYSE:CHGG) Earns “Hold” Rating from Needham & Company LLC

Chegg (NYSE:CHGG)‘s stock had its “hold” rating restated by investment analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports.

Several other research firms have also recently commented on CHGG. The Goldman Sachs Group cut their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Piper Sandler reduced their target price on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday, November 14th. Northland Securities decreased their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. Craig Hallum cut their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Finally, Morgan Stanley restated an “underweight” rating and set a $1.25 price objective (down from $2.00) on shares of Chegg in a research note on Tuesday. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Chegg presently has a consensus rating of “Hold” and a consensus target price of $4.50.

Chegg Stock Up 2.7 %

Chegg stock opened at $1.54 on Thursday. Chegg has a twelve month low of $1.34 and a twelve month high of $11.25. 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 company has a 50 day moving average of $1.92 and a 200-day moving average of $2.11. The stock has a market capitalization of $160.63 million, a PE ratio of -0.19 and a beta of 1.40.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.03. The firm had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The company’s revenue for the quarter was down 13.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.07) EPS. On average, equities research analysts anticipate that Chegg will post 0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Chegg

Hedge funds have recently bought and sold shares of the company. Pallas Capital Advisors LLC increased its position in Chegg by 60.5% during the fourth quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock worth $28,000 after buying an additional 6,658 shares during the last quarter. Vanguard Personalized Indexing Management LLC bought a new position in shares of Chegg during the 2nd quarter worth approximately $60,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Chegg by 272.2% during 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 last quarter. Intech Investment Management LLC bought a new stake in Chegg in the 3rd quarter valued at $56,000. Finally, Aspire Wealth Management Corp bought a new position in shares of Chegg in the third quarter valued at about $69,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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.