Chegg, Inc. (NYSE:CHGG) Sees Large Increase in Short Interest

Chegg, Inc. (NYSE:CHGG - Get Free Report) was the recipient of a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 10,600,000 shares, a growth of 8.5% from the January 15th total of 9,770,000 shares. Based on an average daily trading volume, of 3,570,000 shares, the short-interest ratio is currently 3.0 days. Currently, 11.0% of the company's stock are short sold.

Institutional Investors Weigh In On Chegg

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Chegg by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company's stock valued at $15,722,000 after purchasing an additional 180,258 shares in the last quarter. Quinn Opportunity Partners LLC increased its holdings in Chegg by 48.6% during the 4th quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company's stock valued at $4,637,000 after purchasing an additional 941,410 shares in the last quarter. Geode Capital Management LLC boosted 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. Jacobs Levy Equity Management Inc. boosted its position in Chegg by 6.8% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,307,264 shares of the technology company's stock valued at $3,715,000 after buying an additional 147,441 shares during the last quarter. Finally, Two Sigma Investments LP boosted its position in Chegg by 8.2% in the 4th quarter. Two Sigma Investments LP now owns 2,254,234 shares of the technology company's stock valued at $3,629,000 after buying an additional 170,077 shares during the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

Chegg Price Performance

Shares of CHGG traded down $0.04 during mid-day trading on Friday, reaching $1.44. The company had a trading volume of 1,771,298 shares, compared to its average volume of 2,522,447. Chegg has a twelve month low of $1.30 and a twelve month high of $9.14. 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's 50-day moving average is $1.59 and its 200-day moving average is $1.81. The company has a market capitalization of $149.68 million, a P/E ratio of -0.18 and a beta of 1.41.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Piper Sandler dropped their price target on Chegg from $2.00 to $1.50 and set an "underweight" rating on the stock in a research report on Thursday, November 14th. Needham & Company LLC reaffirmed a "hold" rating on shares of Chegg in a research report on Thursday, January 16th. Morgan Stanley reaffirmed an "underweight" rating and issued a $1.25 target price (down from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Craig Hallum dropped their target price on Chegg from $3.00 to $1.50 and set a "hold" rating on the stock in a research report on Wednesday, November 13th. Finally, Northland Securities decreased their price target on Chegg from $4.00 to $3.00 and set a "market perform" rating for the company in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $2.17.

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.