Chegg (NYSE:CHGG) Given New $4.00 Price Target at Northland Securities

Chegg (NYSE:CHGG - Free Report) had its price target lowered by Northland Securities from $6.00 to $4.00 in a report released on Monday, Benzinga reports. The firm currently has a market perform rating on the technology company's stock.

A number of other analysts also recently issued reports on CHGG. StockNews.com downgraded shares of Chegg from a "buy" rating to a "hold" rating in a report on Tuesday, August 6th. Morgan Stanley cut their price target on shares of Chegg from $3.25 to $3.00 and set an "equal weight" rating for the company in a report on Tuesday, August 6th. Needham & Company LLC restated a "hold" rating on shares of Chegg in a report on Tuesday, August 6th. Craig Hallum lowered their price objective on shares of Chegg from $7.00 to $3.00 and set a "hold" rating for the company in a research report on Wednesday, August 7th. Finally, Piper Sandler lowered 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. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $5.25.

Chegg Price Performance

CHGG stock traded down $0.10 during mid-day trading on Monday, reaching $1.52. The company's stock had a trading volume of 3,580,202 shares, compared to its average volume of 3,570,276. The stock has a market cap of $154.86 million, a PE ratio of -7.97, a P/E/G ratio of 0.55 and a beta of 1.31. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67. Chegg has a fifty-two week low of $1.48 and a fifty-two week high of $11.48. The company's 50 day moving average is $1.86 and its two-hundred day moving average is $3.36.

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

Institutional Investors Weigh In On Chegg

Several hedge funds and other institutional investors have recently bought and sold shares of CHGG. Gladius Capital Management LP acquired a new stake in Chegg during the 2nd quarter worth $27,000. Allspring Global Investments Holdings LLC acquired a new stake in Chegg during the 1st quarter worth $30,000. Adero Partners LLC acquired a new stake in Chegg during the 2nd quarter worth $34,000. Vanguard Personalized Indexing Management LLC acquired a new stake in Chegg during the 2nd quarter worth $60,000. Finally, Entropy Technologies LP acquired a new stake in Chegg during the 1st quarter worth $90,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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.