Chegg (NYSE:CHGG) Share Price Passes Below 200 Day Moving Average – Here’s Why

Shares of Chegg, Inc. (NYSE:CHGG) passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $1.18 and traded as low as $0.7310. Chegg shares last traded at $0.7730, with a volume of 2,021,523 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Zacks Research cut shares of Chegg from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Chegg in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Strong Sell” and an average target price of $1.00.

Chegg Trading Down 2.4%

The firm has a market capitalization of $84.47 million, a PE ratio of -1.07 and a beta of 1.95. The business’s 50 day simple moving average is $0.90 and its two-hundred day simple moving average is $1.18.

Hedge Funds Weigh In On Chegg

Institutional investors and hedge funds have recently made changes to their positions in the business. Ground Swell Capital LLC bought a new stake in Chegg during the second quarter valued at approximately $27,000. Jump Financial LLC purchased a new stake in shares of Chegg in the 2nd quarter worth $31,000. Qube Research & Technologies Ltd purchased a new stake in shares of Chegg in the 3rd quarter worth $32,000. Hudson Bay Capital Management LP bought a new position in Chegg in the 2nd quarter worth $36,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Chegg by 101.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,861 shares of the technology company’s stock valued at $37,000 after purchasing an additional 15,549 shares in the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

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.