Chegg, Inc. (NYSE:CHGG) Sees Significant Growth in Short Interest

Chegg, Inc. (NYSE:CHGG - Get Free Report) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 13,960,000 shares, an increase of 6.9% from the August 15th total of 13,060,000 shares. Currently, 14.2% of the company's stock are short sold. Based on an average daily volume of 4,230,000 shares, the short-interest ratio is presently 3.3 days.

Hedge Funds Weigh In On Chegg

A number of hedge funds have recently bought and sold shares of the business. Susquehanna Fundamental Investments LLC raised its position in shares of Chegg by 76.9% in the second quarter. Susquehanna Fundamental Investments LLC now owns 607,250 shares of the technology company's stock valued at $1,919,000 after buying an additional 263,927 shares in the last quarter. Mackenzie Financial Corp grew its stake in Chegg by 207.5% during the second quarter. Mackenzie Financial Corp now owns 348,555 shares of the technology company's stock worth $1,101,000 after buying an additional 235,197 shares in the last quarter. Millennium Management LLC increased its stake in 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 acquiring an additional 1,361,710 shares during the last quarter. Maverick Capital Ltd. bought a new position in shares of Chegg in the 2nd quarter valued at $685,000. Finally, AQR Capital Management LLC raised its stake in Chegg by 284.9% during the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company's stock worth $8,694,000 after acquiring an additional 2,130,998 shares in the last quarter. 95.18% of the stock is owned by institutional investors.

Chegg Price Performance

Shares of Chegg stock remained flat at $1.81 on Tuesday. The stock had a trading volume of 2,887,219 shares, compared to its average volume of 3,509,961. The firm has a market capitalization of $185.01 million, a PE ratio of -9.53, a price-to-earnings-growth ratio of 0.68 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 52 week low of $1.78 and a 52 week high of $11.48. The company has a fifty day moving average price of $2.54 and a 200 day moving average price of $4.45.

Chegg (NYSE:CHGG - Get Free Report) last released 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 business had revenue of $163.10 million during the quarter, compared to the consensus estimate of $160.02 million. Chegg had a positive return on equity of 2.10% and a negative net margin of 91.74%. The firm's quarterly revenue was down 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 EPS. As a group, equities analysts predict that Chegg will post 0.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CHGG has been the topic of a number of recent analyst reports. Morgan Stanley lowered their target price 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. StockNews.com lowered shares of Chegg from a "buy" rating to a "hold" rating in a research note on Tuesday, August 6th. Needham & Company LLC reiterated a "hold" rating on shares of Chegg in a research note on Tuesday, August 6th. Northland Securities lowered their price target on 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, Piper Sandler dropped their price objective on Chegg from $6.00 to $2.00 and set an "underweight" rating on the stock in a research note on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $5.47.

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.