Northland Securities Cuts Chegg (NYSE:CHGG) Price Target to $3.00

Chegg (NYSE:CHGG - Free Report) had its price objective lowered by Northland Securities from $4.00 to $3.00 in a report released on Wednesday,Benzinga reports. The firm currently has a market perform rating on the technology company's stock.

CHGG has been the subject of a number of other research reports. Piper Sandler reduced their price objective on shares of Chegg from $6.00 to $2.00 and set an "underweight" rating for the company in a research report on Tuesday, August 6th. The Goldman Sachs Group upgraded shares of Chegg from a "sell" rating to a "neutral" rating and reduced their price objective for the company from $7.00 to $3.75 in a research note on Tuesday, August 6th. StockNews.com lowered Chegg from a "buy" rating to a "hold" rating in a research note on Tuesday, August 6th. Morgan Stanley reduced their price objective on Chegg from $3.25 to $3.00 and set an "equal weight" rating for the company in a report on Tuesday, August 6th. Finally, Craig Hallum dropped their price target on Chegg from $7.00 to $3.00 and set a "hold" rating for the company in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $4.97.

Chegg Trading Down 10.7 %

Shares of CHGG stock traded down $0.19 during mid-day trading on Wednesday, reaching $1.58. 12,222,151 shares of the company's stock traded hands, compared to its average volume of 3,613,092. The company's 50-day moving average price is $1.72 and its 200-day moving average price is $2.75. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.89 and a current ratio of 0.89. Chegg has a 12 month low of $1.35 and a 12 month high of $11.48.

Hedge Funds Weigh In On Chegg

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHGG. Millennium Management LLC boosted its position in Chegg by 158.4% during the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company's stock worth $7,019,000 after acquiring an additional 1,361,710 shares during the period. AQR Capital Management LLC grew its stake in Chegg by 284.9% in the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company's stock valued at $8,694,000 after purchasing an additional 2,130,998 shares in the last quarter. Comerica Bank increased its position in Chegg by 349.4% in the 1st quarter. Comerica Bank now owns 45,390 shares of the technology company's stock worth $344,000 after purchasing an additional 35,290 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Chegg by 242.5% in the 3rd quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company's stock valued at $189,000 after buying an additional 75,751 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Chegg by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company's stock valued at $14,488,000 after acquiring an additional 433,709 shares in the last quarter. 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.