Chegg, Inc. (NYSE:CHGG) Short Interest Update

Chegg, Inc. (NYSE:CHGG) saw a significant 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. Based on an average trading volume of 3,930,000 shares, the short-interest ratio is currently 2.5 days. Approximately 10.1% of the company’s shares are short sold.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its position in shares of Chegg by 158.4% in the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after purchasing an additional 1,361,710 shares during the period. XTX Topco Ltd raised its position in shares of Chegg by 384.4% in the 3rd quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock worth $698,000 after acquiring an additional 312,780 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Chegg by 284.9% during the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after purchasing an additional 2,130,998 shares during the last quarter. Geode Capital Management LLC boosted its position in Chegg by 1.2% during the third quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock valued at $4,099,000 after purchasing an additional 26,574 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Chegg by 14.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 911,333 shares of the technology company’s stock valued at $1,613,000 after purchasing an additional 118,403 shares during the last quarter. 95.18% of the stock is currently owned by institutional investors.

Chegg Stock Performance

Chegg stock opened at $1.49 on Tuesday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $154.90 million, a PE ratio of -0.19 and a beta of 1.40. The company has a 50 day moving average price of $1.90 and a 200-day moving average price of $2.08. Chegg has a fifty-two week low of $1.34 and a fifty-two week high of $10.80.

Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $136.59 million during the quarter, compared to analyst estimates of $134.12 million. During the same period in the previous year, the company posted ($0.07) EPS. Chegg’s revenue was down 13.5% on a year-over-year basis. As a group, equities analysts forecast that Chegg will post 0.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CHGG. The Goldman Sachs Group dropped their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Northland Securities dropped their price objective on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. Morgan Stanley reissued an “underweight” rating and issued a $1.25 target price (down previously from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Craig Hallum dropped their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Thursday, January 16th. Four investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $4.50.

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.