Chegg, Inc. (NYSE:CHGG) Shares Sold by Verition Fund Management LLC

Verition Fund Management LLC decreased its holdings in Chegg, Inc. (NYSE:CHGG - Free Report) by 51.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 280,544 shares of the technology company's stock after selling 291,672 shares during the quarter. Verition Fund Management LLC owned about 0.27% of Chegg worth $497,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CHGG. Dimensional Fund Advisors LP raised its holdings in shares of Chegg by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company's stock worth $14,488,000 after buying an additional 433,709 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Chegg by 284.9% in the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company's stock valued at $8,694,000 after acquiring an additional 2,130,998 shares during the period. Millennium Management LLC raised 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 worth $7,019,000 after acquiring an additional 1,361,710 shares during the last quarter. Acadian Asset Management LLC lifted 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 acquiring an additional 2,136,336 shares during the period. Finally, Divisadero Street Capital Management LP purchased a new stake in Chegg during the 2nd quarter valued at about $3,501,000. Institutional investors and hedge funds own 95.18% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. The Goldman Sachs Group reduced their price objective on Chegg from $3.75 to $1.75 and set a "neutral" rating for the company in a research note on Thursday, November 14th. Piper Sandler decreased their price objective on shares of Chegg from $2.00 to $1.50 and set an "underweight" rating for the company in a research note on Thursday, November 14th. Craig Hallum cut their price objective on shares of Chegg from $3.00 to $1.50 and set a "hold" rating on the stock in a research note on Wednesday, November 13th. Northland Securities reduced their target price on shares of Chegg from $4.00 to $3.00 and set a "market perform" rating for the company in a report on Wednesday, November 13th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Chegg in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat.com, Chegg presently has an average rating of "Hold" and an average price target of $4.69.

Chegg Stock Performance

CHGG stock traded down $0.06 during midday trading on Thursday, hitting $2.24. 3,299,972 shares of the stock traded hands, compared to its average volume of 3,685,149. Chegg, Inc. has a 1-year low of $1.34 and a 1-year high of $11.48. 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 stock's fifty day simple moving average is $1.86 and its 200-day simple moving average is $2.38. The firm has a market cap of $233.13 million, a P/E ratio of -0.28 and a beta of 1.36.

Chegg (NYSE:CHGG - Get Free Report) last posted its earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.03. The firm had revenue of $136.59 million for 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 company's quarterly revenue was down 13.5% on a year-over-year basis. During the same period last year, the firm earned ($0.07) EPS. On average, analysts expect that Chegg, Inc. will post 0.12 earnings per share for the current year.

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.