Chegg, Inc. (NYSE:CHGG) Receives Average Recommendation of “Reduce” from Brokerages

Chegg, Inc. (NYSE:CHGG) has earned a consensus recommendation of “Reduce” from the seven analysts that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $1.70.

CHGG has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Monday, May 12th. Piper Sandler cut their price target on Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a report on Tuesday, February 25th. Wall Street Zen initiated coverage on Chegg in a report on Thursday, April 17th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Chegg in a report on Tuesday, April 8th.

Institutional Investors Weigh In On Chegg

Large investors have recently added to or reduced their stakes in the business. Strs Ohio purchased a new stake in Chegg during the first quarter valued at about $56,000. Acadian Asset Management LLC raised its position in Chegg by 11.2% during the first quarter. Acadian Asset Management LLC now owns 4,175,681 shares of the technology company’s stock valued at $2,664,000 after purchasing an additional 421,796 shares in the last quarter. Empowered Funds LLC raised its position in Chegg by 8.5% during the first quarter. Empowered Funds LLC now owns 424,563 shares of the technology company’s stock valued at $271,000 after purchasing an additional 33,269 shares in the last quarter. AQR Capital Management LLC raised its position in Chegg by 95.9% during the first quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock valued at $1,925,000 after purchasing an additional 1,474,640 shares in the last quarter. Finally, CW Advisors LLC purchased a new stake in Chegg during the first quarter valued at about $32,000. Institutional investors own 95.18% of the company’s stock.

Chegg Trading Down 0.3%

NYSE:CHGG opened at $1.56 on Thursday. Chegg has a 1 year low of $0.44 and a 1 year high of $3.81. The stock’s fifty day moving average price is $0.82 and its two-hundred day moving average price is $1.25. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $165.72 million, a P/E ratio of -0.19 and a beta of 1.78.

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.