Needham & Company LLC Reiterates Hold Rating for Chegg (NYSE:CHGG)

Chegg (NYSE:CHGG - Get Free Report)'s stock had its "hold" rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports.

Other research analysts also recently issued research reports about the company. StockNews.com downgraded Chegg from a "buy" rating to a "hold" rating in a report on Tuesday, August 6th. Morgan Stanley decreased their price objective on Chegg from $3.25 to $3.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 6th. Craig Hallum dropped their target price on Chegg from $7.00 to $3.00 and set a "hold" rating on the stock in a report on Wednesday, August 7th. Piper Sandler decreased their price target on shares of Chegg from $6.00 to $2.00 and set an "underweight" rating for the company in a report on Tuesday, August 6th. Finally, Northland Securities dropped their price objective on shares of Chegg from $4.00 to $3.00 and set a "market perform" rating on the stock in a research note on Wednesday. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the company's stock. According to data from MarketBeat.com, Chegg currently has an average rating of "Hold" and a consensus target price of $4.97.

Chegg Stock Down 11.3 %

Shares of NYSE:CHGG traded down $0.20 during mid-day trading on Wednesday, hitting $1.57. The stock had a trading volume of 11,492,710 shares, compared to its average volume of 3,609,776. The company's 50 day moving average is $1.72 and its 200-day moving average is $2.75. Chegg has a 12-month low of $1.35 and a 12-month high of $11.48. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67.

Institutional Trading of Chegg

A number of institutional investors and hedge funds have recently made changes to their positions in CHGG. Banco Santander S.A. lifted its holdings in Chegg by 3.8% in the 1st quarter. Banco Santander S.A. now owns 101,773 shares of the technology company's stock worth $770,000 after purchasing an additional 3,760 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Chegg in the first quarter worth $30,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Chegg by 6.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company's stock worth $545,000 after buying an additional 4,250 shares during the period. Quent Capital LLC grew its stake in Chegg by 35.0% in the 2nd quarter. Quent Capital LLC now owns 30,460 shares of the technology company's stock valued at $96,000 after buying an additional 7,892 shares during the last quarter. Finally, Gladius Capital Management LP bought a new position in Chegg in the 2nd quarter worth $27,000. Institutional investors and hedge funds own 95.18% of the company's stock.

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.