Chegg, Inc. (NYSE:CHGG) Receives $5.47 Average Target Price from Analysts

Chegg, Inc. (NYSE:CHGG - Get Free Report) has received an average rating of "Reduce" from the ten analysts that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation and seven have given a hold recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $5.47.

Several research firms have recently weighed in on CHGG. StockNews.com cut Chegg from a "buy" rating to a "hold" rating in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a "hold" rating on shares of Chegg in a research note on Tuesday, August 6th. Morgan Stanley lowered their price objective on shares of Chegg from $3.25 to $3.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 6th. Northland Securities cut their price objective on shares of Chegg from $7.00 to $6.00 and set a "market perform" rating on the stock in a research report on Tuesday, August 6th. Finally, The Goldman Sachs Group upgraded Chegg from a "sell" rating to a "neutral" rating and lowered their target price for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th.

Chegg Trading Up 3.1 %

NYSE CHGG traded up $0.05 during trading on Friday, reaching $1.68. 2,876,580 shares of the stock traded hands, compared to its average volume of 3,541,234. Chegg has a fifty-two week low of $1.61 and a fifty-two week 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. The firm has a market cap of $171.72 million, a price-to-earnings ratio of -8.84, a price-to-earnings-growth ratio of 0.58 and a beta of 1.31. The stock's 50-day moving average price is $2.12 and its 200 day moving average price is $3.87.

Chegg (NYSE:CHGG - Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.03. The company had revenue of $163.10 million during the quarter, compared to analyst estimates of $160.02 million. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. The firm's revenue was down 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.01 EPS. Analysts predict that Chegg will post 0.19 EPS for the current year.

Hedge Funds Weigh In On Chegg

A number of institutional investors have recently added to or reduced their stakes in CHGG. Acadian Asset Management LLC boosted its stake in shares of Chegg by 11,517.3% during the 2nd quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company's stock worth $6,807,000 after acquiring an additional 2,136,336 shares during the period. AQR Capital Management LLC increased its holdings in shares of 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 during the last quarter. Millennium Management LLC raised its position in shares of Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company's stock valued at $7,019,000 after purchasing an additional 1,361,710 shares during the period. Divisadero Street Capital Management LP bought a new position in shares of Chegg in the second quarter valued at about $3,501,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Chegg by 23,988.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company's stock worth $2,995,000 after buying an additional 943,703 shares during the last quarter. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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.