Chegg, Inc. (NYSE:CHGG) Sees Significant Decrease in Short Interest

Chegg, Inc. (NYSE:CHGG - Get Free Report) was the recipient of a large decline in short interest in December. As of December 15th, there was short interest totalling 9,330,000 shares, a decline of 6.0% from the November 30th total of 9,930,000 shares. Currently, 9.5% of the company's stock are sold short. Based on an average daily volume of 4,000,000 shares, the days-to-cover ratio is currently 2.3 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in shares of Chegg by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company's stock valued at $14,488,000 after purchasing an additional 433,709 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Chegg by 284.9% during the second 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 during the period. Geode Capital Management LLC grew its position in Chegg by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company's stock valued at $4,099,000 after buying an additional 26,574 shares during the last quarter. Millennium Management LLC increased its stake in Chegg by 158.4% in the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company's stock valued at $7,019,000 after buying an additional 1,361,710 shares during the period. Finally, Acadian Asset Management LLC raised its position in Chegg by 11,517.3% during the 2nd quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company's stock worth $6,807,000 after buying an additional 2,136,336 shares during the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Stock Performance

Shares of Chegg stock traded up $0.08 on Wednesday, hitting $1.61. The stock had a trading volume of 3,797,197 shares, compared to its average volume of 3,666,445. The stock has a market cap of $167.93 million, a price-to-earnings ratio of -0.20 and a beta of 1.36. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg has a 52-week low of $1.34 and a 52-week high of $11.47. The company's 50 day moving average price is $1.92 and its 200 day moving average price is $2.20.

Chegg (NYSE:CHGG - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.03. The company had revenue of $136.59 million during the quarter, compared to analysts' expectations of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The firm's revenue for the quarter was down 13.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.07) earnings per share. On average, research analysts anticipate that Chegg will post 0.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. 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 note on Wednesday, November 13th. Piper Sandler reduced their price objective on shares of Chegg from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Thursday, November 14th. Craig Hallum lowered their target price on shares of Chegg from $3.00 to $1.50 and set a "hold" rating for the company in a research note on Wednesday, November 13th. Needham & Company LLC restated a "hold" rating on shares of Chegg in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group decreased their price target on Chegg from $3.75 to $1.75 and set a "neutral" rating for the company in a report on Thursday, November 14th. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat, Chegg presently has an average rating of "Hold" and an average price target of $4.69.

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.