Chegg (NYSE:CHGG) PT Lowered to $4.00

Chegg (NYSE:CHGG) had its target price cut by Northland Securities from $6.00 to $4.00 in a report published on Monday, Benzinga reports. They currently have a market perform rating on the technology company’s stock.

Several other analysts also recently issued reports on the company. Morgan Stanley lowered their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday, August 6th. Piper Sandler reduced their price target on Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. The Goldman Sachs Group upgraded shares of Chegg from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $7.00 to $3.75 in a research note on Tuesday, August 6th. Finally, StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.25.

Chegg Stock Performance

Chegg stock opened at $1.65 on Monday. The company has a market cap of $168.15 million, a price-to-earnings ratio of -8.66, a price-to-earnings-growth ratio of 0.55 and a beta of 1.31. Chegg has a 12 month low of $1.48 and a 12 month high of $11.48. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.89 and a quick ratio of 0.89. The stock’s 50-day moving average is $1.85 and its 200-day moving average is $3.31.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.21 by $0.03. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. The firm had revenue of $163.10 million for the quarter, compared to analyst estimates of $160.02 million. During the same quarter last year, the firm posted $0.01 earnings per share. Chegg’s revenue for the quarter was down 10.8% compared to the same quarter last year. Equities analysts anticipate that Chegg will post 0.19 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Burford Brothers Inc. raised its stake in shares of Chegg by 37.7% in the 3rd quarter. Burford Brothers Inc. now owns 88,597 shares of the technology company’s stock valued at $157,000 after purchasing an additional 24,262 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Chegg by 16.0% during the third quarter. Assenagon Asset Management S.A. now owns 298,755 shares of the technology company’s stock valued at $529,000 after buying an additional 41,174 shares in the last quarter. Quent Capital LLC lifted its holdings in Chegg by 98.5% during the 3rd quarter. Quent Capital LLC now owns 60,460 shares of the technology company’s stock worth $107,000 after buying an additional 30,000 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Chegg by 242.5% in the 3rd quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company’s stock worth $189,000 after acquiring an additional 75,751 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC increased its holdings in shares of Chegg by 76.9% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 607,250 shares of the technology company’s stock valued at $1,919,000 after acquiring an additional 263,927 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.