Empowered Funds LLC Increases Position in Chegg, Inc. (NYSE:CHGG)

Empowered Funds LLC grew its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 5.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 372,434 shares of the technology company’s stock after acquiring an additional 18,894 shares during the period. Empowered Funds LLC’s holdings in Chegg were worth $659,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Millennium Management LLC raised its stake in Chegg by 158.4% during the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after buying an additional 1,361,710 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock valued at $8,694,000 after acquiring an additional 2,130,998 shares in the last quarter. Comerica Bank raised its position in shares of Chegg by 349.4% in the 1st quarter. Comerica Bank now owns 45,390 shares of the technology company’s stock worth $344,000 after purchasing an additional 35,290 shares during the last quarter. SG Americas Securities LLC boosted its stake in 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 purchasing an additional 75,751 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Chegg by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after purchasing an additional 433,709 shares during the last quarter. 95.18% of the stock is owned by institutional investors.

Chegg Stock Performance

CHGG stock opened at $2.01 on Friday. The company has a market cap of $209.66 million, a P/E ratio of -0.25, a price-to-earnings-growth ratio of 0.94 and a beta of 1.32. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. Chegg, Inc. has a 1 year low of $1.34 and a 1 year high of $11.48. The stock’s fifty day moving average price is $1.69 and its 200-day moving average price is $2.58.

Chegg (NYSE:CHGG) last announced its earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.03. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The business had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. During the same period last year, the firm posted ($0.07) earnings per share. The business’s revenue for the quarter was down 13.5% on a year-over-year basis. On average, equities analysts forecast that Chegg, Inc. will post 0.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Northland Securities decreased their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Craig Hallum lowered their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. The Goldman Sachs Group cut their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Piper Sandler decreased their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Finally, Morgan Stanley dropped their price objective on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat.com, Chegg has an average rating of “Hold” and an average target price of $4.69.

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.