Traders Buy Large Volume of Call Options on Chegg (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) was the recipient of some unusual options trading activity on Tuesday. Investors acquired 3,099 call options on the stock. This is an increase of approximately 86% compared to the typical daily volume of 1,664 call options.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CHGG shares. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Tuesday, February 10th. Zacks Research downgraded shares of Chegg from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce”.

Chegg Stock Down 4.5%

NYSE:CHGG opened at $0.71 on Thursday. Chegg has a 52 week low of $0.44 and a 52 week high of $1.90. The stock’s fifty day moving average is $0.65 and its two-hundred day moving average is $0.96. The company has a market capitalization of $77.36 million, a P/E ratio of -0.74 and a beta of 1.85.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, February 9th. The technology company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.18. The business had revenue of $72.66 million during the quarter, compared to analysts’ expectations of $71.00 million. Chegg had a negative return on equity of 18.30% and a negative net margin of 27.44%. Sell-side analysts anticipate that Chegg will post 0.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chegg

Institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC acquired a new stake in Chegg in the 4th quarter valued at approximately $49,000. Hudson Bay Capital Management LP acquired a new position in Chegg during the second quarter worth $36,000. Qube Research & Technologies Ltd acquired a new position in Chegg during the third quarter worth $32,000. Jump Financial LLC purchased a new position in shares of Chegg during the second quarter worth $31,000. Finally, Concurrent Investment Advisors LLC purchased a new position in shares of Chegg during the fourth quarter worth $105,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Chegg Company Profile

Chegg, Inc (NYSE: CHGG) is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.

The company’s core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.