Craig Hallum Cuts Chegg (NYSE:CHGG) Price Target to $1.50

Chegg (NYSE:CHGG - Get Free Report) had its target price decreased by equities researchers at Craig Hallum from $3.00 to $1.50 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "hold" rating on the technology company's stock. Craig Hallum's target price points to a potential downside of 4.76% from the stock's previous close.

CHGG has been the topic of a number of other reports. Needham & Company LLC reiterated a "hold" rating on shares of Chegg in a report on Wednesday. Piper Sandler reduced their price target on shares of Chegg from $6.00 to $2.00 and set an "underweight" rating on the stock in a report on Tuesday, August 6th. StockNews.com downgraded shares of Chegg from a "buy" rating to a "hold" rating in a report on Tuesday, August 6th. Northland Securities reduced 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. Finally, Morgan Stanley reduced their price target on shares of Chegg from $3.25 to $3.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, Chegg presently has an average rating of "Hold" and an average price target of $4.97.

Chegg Price Performance

Shares of CHGG stock traded down $0.20 on Wednesday, hitting $1.58. 12,447,123 shares of the stock traded hands, compared to its average volume of 3,613,986. The firm has a market cap of $161.00 million, a price-to-earnings ratio of -0.20, a PEG ratio of 0.63 and a beta of 1.32. Chegg has a 52 week low of $1.34 and a 52 week high of $11.48. The firm has a 50 day simple moving average of $1.71 and a two-hundred day simple moving average of $2.74. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.89 and a quick ratio of 0.89.

Hedge Funds Weigh In On Chegg

A number of large investors have recently made changes to their positions in CHGG. Allspring Global Investments Holdings LLC purchased a new position in shares of Chegg during the 1st quarter worth about $30,000. Janney Montgomery Scott LLC boosted its stake in shares of Chegg by 26.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 109,821 shares of the technology company's stock worth $831,000 after purchasing an additional 22,701 shares during the period. Entropy Technologies LP purchased a new position in shares of Chegg during the 1st quarter worth about $90,000. First Eagle Investment Management LLC boosted its stake in shares of Chegg by 40.6% during the 1st quarter. First Eagle Investment Management LLC now owns 412,063 shares of the technology company's stock worth $3,119,000 after purchasing an additional 118,995 shares during the period. Finally, Banco Santander S.A. boosted its stake in shares of Chegg by 3.8% during 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 period. 95.18% of the stock is owned by hedge funds and other institutional investors.

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.