Chegg (NYSE:CHGG) Share Price Crosses Below Two Hundred Day Moving Average - Time to Sell?

Chegg, Inc. (NYSE:CHGG - Get Free Report) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.66 and traded as low as $0.77. Chegg shares last traded at $0.78, with a volume of 2,463,855 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CHGG shares. Needham & Company LLC reiterated a "hold" rating on shares of Chegg in a report on Tuesday, February 25th. Morgan Stanley reiterated an "underweight" rating and issued a $1.25 price target (down from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Finally, Piper Sandler dropped their price objective on shares of Chegg from $1.50 to $1.00 and set an "underweight" rating on the stock in a research note on Tuesday, February 25th. 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.com, the company currently has an average rating of "Hold" and an average price target of $2.08.

Chegg Trading Down 2.3 %

The stock's 50 day moving average is $1.28 and its 200-day moving average is $1.64. The company has a market cap of $75.89 million, a P/E ratio of -0.09 and a beta of 1.52. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Voss Capital LP bought a new stake in shares of Chegg during the fourth quarter valued at approximately $2,874,000. Knightsbridge Asset Management LLC bought a new stake in shares of Chegg in the 4th quarter worth $2,055,000. Arrowstreet Capital Limited Partnership raised its stake 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 purchasing an additional 1,042,136 shares during the last quarter. Quinn Opportunity Partners LLC lifted its holdings in shares of Chegg by 48.6% during the fourth 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. Finally, Millennium Management LLC boosted its position in shares of Chegg by 35.7% during the fourth 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 last quarter. Institutional investors own 95.18% of the company's stock.

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About Chegg

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.