Chegg, Inc. (NYSE:CHGG) Shares Sold by Sylebra Capital LLC

Sylebra Capital LLC lowered its position in Chegg, Inc. (NYSE:CHGG - Free Report) by 28.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,444,087 shares of the technology company's stock after selling 2,123,173 shares during the quarter. Chegg makes up about 0.6% of Sylebra Capital LLC's portfolio, making the stock its 28th biggest position. Sylebra Capital LLC owned approximately 5.33% of Chegg worth $17,203,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Gladius Capital Management LP bought a new stake in shares of Chegg in the 2nd quarter valued at about $27,000. Allspring Global Investments Holdings LLC purchased a new position in Chegg during the 1st quarter worth $30,000. Adero Partners LLC purchased a new stake in Chegg in the second quarter valued at about $34,000. Vanguard Personalized Indexing Management LLC acquired a new stake in Chegg in the second quarter worth about $60,000. Finally, Entropy Technologies LP purchased a new stake in shares of Chegg during the first quarter worth about $90,000. 95.18% of the stock is owned by institutional investors.

Chegg Price Performance

CHGG remained flat at $1.78 during trading on Monday. 2,682,850 shares of the company's stock were exchanged, compared to its average volume of 3,543,148. 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 stock has a 50-day simple moving average of $2.26 and a two-hundred day simple moving average of $3.99. The company has a market capitalization of $181.44 million, a P/E ratio of -9.34, a price-to-earnings-growth ratio of 0.58 and a beta of 1.31. Chegg, Inc. has a twelve month low of $1.63 and a twelve month high of $11.48.

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 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 positive return on equity of 2.10% and a negative net margin of 91.74%. The company's revenue was down 10.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.01 EPS. As a group, equities analysts forecast that Chegg, Inc. will post 0.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Chegg in a research note on Tuesday, August 6th. Northland Securities dropped their price objective on shares of Chegg from $7.00 to $6.00 and set a "market perform" rating on the stock in a report on Tuesday, August 6th. StockNews.com lowered Chegg from a "buy" rating to a "hold" rating in a research note on Tuesday, August 6th. Piper Sandler dropped their price target on Chegg from $6.00 to $2.00 and set an "underweight" rating on the stock in a research note on Tuesday, August 6th. Finally, 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 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 data from MarketBeat, Chegg currently has an average rating of "Hold" and an average target price of $5.47.

Chegg 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.