AQR Capital Management LLC Boosts Stock Position in Chegg, Inc. (NYSE:CHGG)

AQR Capital Management LLC lifted its stake in Chegg, Inc. (NYSE:CHGG - Free Report) by 284.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,878,869 shares of the technology company's stock after buying an additional 2,130,998 shares during the quarter. AQR Capital Management LLC owned about 2.82% of Chegg worth $8,694,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Banco Santander S.A. raised its stake in Chegg by 3.8% during the 1st quarter. Banco Santander S.A. now owns 101,773 shares of the technology company's stock valued at $770,000 after purchasing an additional 3,760 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Chegg during the 1st quarter valued at approximately $30,000. Price T Rowe Associates Inc. MD raised its stake in Chegg by 6.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company's stock valued at $545,000 after purchasing an additional 4,250 shares during the period. Quent Capital LLC raised its stake in Chegg by 35.0% during the 2nd quarter. Quent Capital LLC now owns 30,460 shares of the technology company's stock valued at $96,000 after purchasing an additional 7,892 shares during the period. Finally, Gladius Capital Management LP bought a new stake in Chegg during the 2nd quarter valued at approximately $27,000. Institutional investors own 95.18% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. The Goldman Sachs Group raised Chegg from a "sell" rating to a "neutral" rating and reduced their price objective for the stock from $7.00 to $3.75 in a research note on Tuesday, August 6th. Craig Hallum dropped their target price on Chegg from $7.00 to $3.00 and set a "hold" rating for the company in a report on Wednesday, August 7th. Needham & Company LLC reiterated a "hold" rating on shares of Chegg in a report on Tuesday, August 6th. Morgan Stanley dropped their target price on Chegg from $3.25 to $3.00 and set an "equal weight" rating for the company in a report on Tuesday, August 6th. Finally, StockNews.com cut Chegg from a "buy" rating to a "hold" rating in a report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $5.47.

Chegg Stock Down 3.0 %

NYSE CHGG traded down $0.05 on Thursday, reaching $1.63. 3,304,942 shares of the stock traded hands, compared to its average volume of 3,544,690. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.89 and a current ratio of 0.89. The company has a fifty day moving average price of $2.20 and a 200-day moving average price of $3.93. The company has a market cap of $166.61 million, a price-to-earnings ratio of -8.66, a PEG ratio of 0.58 and a beta of 1.31. Chegg, Inc. has a 12 month low of $1.61 and a 12 month high of $11.48.

Chegg (NYSE:CHGG - Get Free Report) last issued its earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.03. The business had revenue of $163.10 million during the quarter, compared to analyst estimates of $160.02 million. Chegg had a positive return on equity of 2.10% and a negative net margin of 91.74%. Chegg's 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, research analysts forecast that Chegg, Inc. will post 0.19 EPS 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.