Chegg, Inc. (NYSE:CHGG) Short Interest Up 6.1% in October

Chegg, Inc. (NYSE:CHGG - Get Free Report) was the target of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 11,870,000 shares, an increase of 6.1% from the September 30th total of 11,190,000 shares. Approximately 12.1% of the shares of the company are sold short. Based on an average trading volume of 3,850,000 shares, the short-interest ratio is presently 3.1 days.

Institutional Trading of Chegg

A number of hedge funds have recently made changes to their positions 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 lifted its holdings 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 worth $8,694,000 after purchasing an additional 2,130,998 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in Chegg in the 1st quarter valued at about $2,599,000. Allspring Global Investments Holdings LLC acquired a new position in Chegg during the 1st quarter valued at about $30,000. Finally, Empowered Funds LLC raised its position in shares of Chegg by 8.2% during the 1st quarter. Empowered Funds LLC now owns 328,160 shares of the technology company's stock worth $2,484,000 after buying an additional 24,817 shares in the last quarter. Institutional investors and hedge funds own 95.18% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. The Goldman Sachs Group upgraded shares of Chegg from a "sell" rating to a "neutral" rating and dropped their price objective for the company from $7.00 to $3.75 in a research note on Tuesday, August 6th. Craig Hallum reduced their price objective on Chegg from $7.00 to $3.00 and set a "hold" rating for the company in a research note on Wednesday, August 7th. Northland Securities lowered their target price on Chegg from $6.00 to $4.00 and set a "market perform" rating on the stock in a research note on Monday, October 21st. Needham & Company LLC restated a "hold" rating on shares of Chegg in a research note on Tuesday, August 6th. Finally, Piper Sandler lowered their price objective on shares of Chegg from $6.00 to $2.00 and set an "underweight" rating on the stock in a research report on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $5.25.

Chegg Price Performance

Shares of NYSE:CHGG traded up $0.03 on Friday, reaching $1.63. 3,120,391 shares of the company were exchanged, compared to its average volume of 3,580,202. The company has a 50-day moving average of $1.79 and a 200-day moving average of $3.10. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.67. The firm has a market cap of $166.62 million, a price-to-earnings ratio of -0.27, a price-to-earnings-growth ratio of 0.59 and a beta of 1.31. Chegg has a 1-year low of $1.48 and a 1-year high of $11.48.

Chegg (NYSE:CHGG - Get Free Report) last issued its quarterly earnings data on Monday, August 5th. The technology company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.03. The business had revenue of $163.10 million during the quarter, compared to analysts' expectations of $160.02 million. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. The company's revenue was down 10.8% on a year-over-year basis. During the same period last year, the company posted $0.01 EPS. Equities analysts forecast that Chegg will post 0.19 earnings per share for the current fiscal year.

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.