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

Chegg, Inc. (NYSE:CHGG) saw a significant growth in short interest in January. As of January 31st, there was short interest totalling 10,600,000 shares, a growth of 8.5% from the January 15th total of 9,770,000 shares. Currently, 11.0% of the company’s stock are sold short. Based on an average daily volume of 3,570,000 shares, the days-to-cover ratio is currently 3.0 days.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Chegg by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company’s stock worth $15,722,000 after purchasing an additional 180,258 shares during the last quarter. Quinn Opportunity Partners LLC increased its position in Chegg by 48.6% during the fourth quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company’s stock valued at $4,637,000 after acquiring an additional 941,410 shares during the last quarter. Geode Capital Management LLC increased 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 acquiring an additional 26,574 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in Chegg by 6.8% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 2,307,264 shares of the technology company’s stock valued at $3,715,000 after acquiring an additional 147,441 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in Chegg by 8.2% during the fourth quarter. Two Sigma Investments LP now owns 2,254,234 shares of the technology company’s stock valued at $3,629,000 after acquiring an additional 170,077 shares during the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Trading Up 5.4 %

CHGG stock opened at $1.47 on Tuesday. Chegg has a 1-year low of $1.30 and a 1-year high of $9.34. The business has a fifty day moving average price of $1.66 and a 200-day moving average price of $1.83. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CHGG shares. The Goldman Sachs Group dropped their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Piper Sandler lowered their price objective on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Morgan Stanley reiterated an “underweight” rating and set a $1.25 price objective (down previously from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Craig Hallum lowered their price objective on 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 reiterated a “hold” rating on shares of Chegg in a research note on Thursday, January 16th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.17.

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.