Connor Clark & Lunn Investment Management Ltd. Acquires 291,902 Shares of Chegg, Inc. (NYSE:CHGG)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 20.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,694,522 shares of the technology company’s stock after acquiring an additional 291,902 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Chegg were worth $2,728,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Pallas Capital Advisors LLC lifted its position in shares of 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 acquiring an additional 6,658 shares in the last quarter. Caprock Group LLC purchased a new stake in Chegg during the 4th quarter worth about $28,000. Ieq Capital LLC purchased a new stake in Chegg during the 4th quarter worth about $31,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in Chegg by 272.2% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after buying an additional 18,320 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in Chegg during the 3rd quarter valued at about $56,000. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Chegg Price Performance

CHGG opened at $0.78 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $82.30 million, a P/E ratio of -0.10 and a beta of 1.52. The stock has a 50-day moving average price of $1.34 and a 200-day moving average price of $1.66. Chegg, Inc. has a 12-month low of $0.75 and a 12-month high of $8.15.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CHGG. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Tuesday, February 25th. Morgan Stanley reissued an “underweight” rating and issued a $1.25 price target (down from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Finally, Piper Sandler cut their price objective on Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a report on Tuesday, February 25th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2.08.

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.