Brokerages Set Chegg, Inc. (NYSE:CHGG) Target Price at $2.08

Shares of Chegg, Inc. (NYSE:CHGG) have been given a consensus rating of “Reduce” by the seven analysts that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $2.08.

CHGG has been the subject of several recent research reports. Morgan Stanley reissued an “underweight” rating and issued a $1.25 price target (down previously from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Piper Sandler cut their target price on Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a research report on Tuesday, February 25th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Tuesday, February 25th.

Hedge Funds Weigh In On Chegg

Several institutional investors have recently bought and sold shares of the business. Voss Capital LP acquired a new stake in shares of Chegg in the fourth quarter valued at $2,874,000. Knightsbridge Asset Management LLC bought a new stake in Chegg during the 4th quarter worth about $2,055,000. Arrowstreet Capital Limited Partnership increased its position in Chegg by 247.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,464,022 shares of the technology company’s stock valued at $2,357,000 after acquiring an additional 1,042,136 shares in the last quarter. Quinn Opportunity Partners LLC raised its stake in shares of Chegg by 48.6% in the fourth quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company’s stock worth $4,637,000 after acquiring an additional 941,410 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Chegg by 35.7% during the fourth quarter. Millennium Management LLC now owns 1,874,158 shares of the technology company’s stock worth $3,017,000 after purchasing an additional 492,902 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

Chegg Stock Down 9.7 %

CHGG opened at $0.51 on Friday. The company has a market capitalization of $53.71 million, a P/E ratio of -0.06 and a beta of 1.52. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. The firm’s fifty day moving average price is $1.09 and its two-hundred day moving average price is $1.54. Chegg has a fifty-two week low of $0.50 and a fifty-two week high of $7.68.

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.