Chegg’s (CHGG) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Chegg (NYSE:CHGG) in a research note released on Wednesday,Benzinga reports.

Other research analysts have also recently issued research reports about the company. StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Piper Sandler dropped 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. Craig Hallum decreased their price objective on Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and lowered their price objective for the stock from $7.00 to $3.75 in a research note on Tuesday, August 6th. Finally, Northland Securities cut their target price 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. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.69.

Chegg Stock Performance

CHGG stock opened at $1.72 on Wednesday. Chegg has a twelve month low of $1.34 and a twelve month high of $11.48. The firm has a market cap of $179.41 million, a price-to-earnings ratio of -0.22, a PEG ratio of 0.56 and a beta of 1.32. The business’s fifty day simple moving average is $1.70 and its two-hundred day simple moving average is $2.68. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.06 by $0.03. The company had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The firm’s revenue was down 13.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) EPS. Analysts predict that Chegg will post 0.19 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Acadian Asset Management LLC grew its holdings in Chegg by 11,517.3% in the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock worth $6,807,000 after purchasing an additional 2,136,336 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Chegg by 284.9% in 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. Millennium Management LLC boosted its position in shares of Chegg by 158.4% in the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after purchasing an additional 1,361,710 shares in the last quarter. Divisadero Street Capital Management LP purchased a new position in Chegg during the 2nd quarter worth $3,501,000. Finally, Allspring Global Investments Holdings LLC increased its position in Chegg by 23,988.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock valued at $2,995,000 after buying an additional 943,703 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

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.