Chegg (NYSE:CHGG) Stock Passes Below Fifty Day Moving Average – Time to Sell?

Chegg, Inc. (NYSE:CHGG) shares passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $1.92 and traded as low as $1.49. Chegg shares last traded at $1.53, with a volume of 3,744,699 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CHGG. The Goldman Sachs Group lowered their price objective on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Northland Securities cut their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Craig Hallum dropped their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. Finally, Piper Sandler cut their target price on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat.com, Chegg has an average rating of “Hold” and a consensus target price of $4.69.

Chegg Stock Performance

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 firm has a market capitalization of $159.59 million, a P/E ratio of -0.19 and a beta of 1.36. The company’s 50 day moving average is $1.92 and its 200-day moving average is $2.21.

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

Hedge Funds Weigh In On Chegg

Large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Chegg by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after buying an additional 433,709 shares in the last quarter. AQR Capital Management LLC increased its holdings in 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 in the last quarter. Geode Capital Management LLC raised its stake in shares of Chegg by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock worth $4,099,000 after purchasing an additional 26,574 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after purchasing an additional 1,361,710 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of Chegg by 11,517.3% during the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock valued at $6,807,000 after buying an additional 2,136,336 shares during the last quarter. 95.18% of the stock is currently owned by institutional investors.

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.