Centiva Capital LP Sells 92,058 Shares of Chegg, Inc. (NYSE:CHGG)

Centiva Capital LP reduced its position in shares of Chegg, Inc. (NYSE:CHGG) by 85.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,492 shares of the technology company’s stock after selling 92,058 shares during the period. Centiva Capital LP’s holdings in Chegg were worth $27,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Gladius Capital Management LP bought a new stake in Chegg during the second quarter valued at about $27,000. Adero Partners LLC bought a new stake in Chegg during the 2nd quarter valued at approximately $34,000. Point72 Asia Singapore Pte. Ltd. boosted its stake 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 purchasing an additional 18,320 shares during the period. Intech Investment Management LLC acquired a new stake in Chegg in the 3rd quarter valued at approximately $56,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in Chegg in the 2nd quarter worth approximately $60,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on CHGG. Craig Hallum reduced their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Northland Securities decreased their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 13th. The Goldman Sachs Group cut 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. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Wednesday, November 13th. Finally, Piper Sandler lowered their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Three equities 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, the stock currently has a consensus rating of “Hold” and an average price target of $4.69.

Chegg Trading Down 2.0 %

CHGG stock opened at $2.20 on Friday. 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 firm has a market cap of $228.96 million, a P/E ratio of -0.28 and a beta of 1.36. Chegg, Inc. has a 1-year low of $1.34 and a 1-year high of $11.48. The business’s 50 day moving average is $1.87 and its 200-day moving average is $2.37.

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 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 firm had revenue of $136.59 million during the quarter, compared to analyst estimates of $134.12 million. During the same period in the prior year, the company posted ($0.07) earnings per share. The business’s revenue for the quarter was down 13.5% compared to the same quarter last year. Equities analysts anticipate that Chegg, Inc. will post 0.12 earnings per share for the current fiscal year.

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.