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

Shares of Chegg, Inc. (NYSE:CHGG - Get Free Report) have earned an average recommendation of "Reduce" from the eight analysts that are currently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $2.08.

CHGG has been the topic of a number of analyst reports. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Chegg in a research report on Tuesday, April 8th. Piper Sandler lowered their price target on shares of Chegg from $1.50 to $1.00 and set an "underweight" rating on the stock in a report on Tuesday, February 25th. Morgan Stanley reissued an "underweight" rating and issued a $1.25 price objective (down from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Needham & Company LLC restated a "hold" rating on shares of Chegg in a research note on Tuesday, February 25th. Finally, StockNews.com assumed coverage on shares of Chegg in a report on Thursday, April 17th. They issued a "hold" rating for the company.

Chegg Price Performance

Shares of Chegg stock opened at $0.57 on Wednesday. The stock's fifty day moving average is $0.81 and its 200 day moving average is $1.42. Chegg has a one year low of $0.44 and a one year high of $7.22. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $59.81 million, a P/E ratio of -0.07 and a beta of 1.81.

Institutional Investors Weigh In On Chegg

Several large investors have recently added to or reduced their stakes in the stock. Voss Capital LP purchased a new stake in Chegg in the 4th quarter worth about $2,874,000. Knightsbridge Asset Management LLC bought a new position in shares of Chegg during the fourth quarter valued at approximately $2,055,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Chegg by 247.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,464,022 shares of the technology company's stock worth $2,357,000 after buying an additional 1,042,136 shares during the period. Quinn Opportunity Partners LLC lifted its stake in shares of Chegg by 48.6% during the 4th quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company's stock worth $4,637,000 after acquiring an additional 941,410 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Chegg by 35.7% during the 4th quarter. Millennium Management LLC now owns 1,874,158 shares of the technology company's stock valued at $3,017,000 after acquiring an additional 492,902 shares during the period. 95.18% of the stock is owned by institutional investors.

Chegg Company Profile

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.

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