Chegg (NYSE:CHGG) Stock Crosses Below Fifty Day Moving Average - What's Next?

Chegg, Inc. (NYSE:CHGG - Get Free Report)'s stock price crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $1.92 and traded as low as $1.49. Chegg shares last traded at $1.53, with a volume of 3,744,699 shares changing hands.

Wall Street Analysts Forecast Growth

CHGG has been the subject of a number of analyst reports. The Goldman Sachs Group decreased their price objective on shares of Chegg from $3.75 to $1.75 and set a "neutral" rating for the company in a research report on Thursday, November 14th. Craig Hallum lowered their price objective on 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 reaffirmed a "hold" rating on shares of Chegg in a research report on Wednesday, November 13th. Piper Sandler decreased their price target on shares of Chegg from $2.00 to $1.50 and set an "underweight" rating for the company in a research report on Thursday, November 14th. Finally, Northland Securities cut their price target on shares of Chegg from $4.00 to $3.00 and set a "market perform" rating on the stock in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company's stock. According to data from MarketBeat, Chegg has a consensus rating of "Hold" and an average target price of $4.69.

Chegg Stock Performance

The firm has a market capitalization of $167.93 million, a price-to-earnings ratio of -0.20 and a beta of 1.36. The company has a 50-day moving average price of $1.92 and a 200-day moving average price of $2.20. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31.

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. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The business had revenue of $136.59 million for the quarter, compared to analysts' expectations of $134.12 million. During the same period in the previous year, the business earned ($0.07) earnings per share. The company's revenue was down 13.5% on a year-over-year basis. As a group, equities research analysts forecast that Chegg, Inc. will post 0.12 earnings per share for the current year.

Hedge Funds Weigh In On Chegg

Large investors have recently made changes to their positions in the business. Virtu Financial LLC acquired a new stake in shares of Chegg during the 3rd quarter valued at $130,000. Geode Capital Management LLC raised its position in shares of Chegg by 1.2% during the third quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company's stock worth $4,099,000 after purchasing an additional 26,574 shares during the period. XTX Topco Ltd lifted its holdings in shares of Chegg by 384.4% during the third quarter. XTX Topco Ltd now owns 394,152 shares of the technology company's stock valued at $698,000 after purchasing an additional 312,780 shares during the last quarter. Quadrature Capital Ltd boosted its position in shares of Chegg by 85.6% in the 3rd quarter. Quadrature Capital Ltd now owns 112,423 shares of the technology company's stock valued at $200,000 after purchasing an additional 51,837 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Chegg by 272.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company's stock valued at $44,000 after purchasing an additional 18,320 shares during the period. Institutional investors own 95.18% of the company's stock.

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.