Chegg (NYSE:CHGG) Shares Cross Below Two Hundred Day Moving Average - Here's What Happened

Chegg, Inc. (NYSE:CHGG - Get Free Report)'s share price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.61 and traded as low as $0.62. Chegg shares last traded at $0.63, with a volume of 5,733,293 shares traded.

Analysts Set New Price Targets

Several equities analysts recently commented on CHGG shares. Piper Sandler dropped their target price on Chegg from $1.50 to $1.00 and set an "underweight" rating on the stock in a report on Tuesday, February 25th. Morgan Stanley reaffirmed an "underweight" rating and set a $1.25 price objective (down from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Chegg in a research report on Tuesday, February 25th. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $2.08.

Chegg Stock Performance

The stock has a 50 day simple moving average of $1.17 and a two-hundred day simple moving average of $1.58. The company has a market cap of $69.69 million, a PE ratio of -0.08 and a beta of 1.52. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91.

Hedge Funds Weigh In On Chegg

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Voss Capital LP acquired a new stake in Chegg during the 4th quarter worth approximately $2,874,000. Knightsbridge Asset Management LLC purchased a new stake in shares of Chegg during the fourth quarter worth approximately $2,055,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Chegg by 247.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,464,022 shares of the technology company's stock worth $2,357,000 after purchasing an additional 1,042,136 shares during the period. Quinn Opportunity Partners LLC grew its position in Chegg by 48.6% in 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 buying an additional 941,410 shares during the last quarter. Finally, Millennium Management LLC increased its stake in Chegg by 35.7% in the 4th quarter. Millennium Management LLC now owns 1,874,158 shares of the technology company's stock valued at $3,017,000 after buying an additional 492,902 shares during the period. Hedge funds and other institutional investors own 95.18% of the company's stock.

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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.