Piper Sandler Issues Pessimistic Forecast for Chegg (NYSE:CHGG) Stock Price

Chegg (NYSE:CHGG - Free Report) had its target price lowered by Piper Sandler from $2.00 to $1.50 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has an underweight rating on the technology company's stock.

A number of other analysts have also commented on the stock. Craig Hallum lowered their target price on shares of Chegg from $3.00 to $1.50 and set a "hold" rating for the company in a report on Wednesday. Needham & Company LLC restated a "hold" rating on shares of Chegg in a report on Wednesday. Northland Securities decreased their price target on shares of Chegg from $4.00 to $3.00 and set a "market perform" rating for the company in a report on Wednesday. The Goldman Sachs Group upgraded shares of Chegg from a "sell" rating to a "neutral" rating and dropped their target price for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th. Finally, Morgan Stanley lowered 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. Three research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $4.69.

Chegg Price Performance

Shares of CHGG stock traded up $0.13 during trading hours on Thursday, reaching $1.71. 4,402,005 shares of the company were exchanged, compared to its average volume of 3,617,402. Chegg has a fifty-two week low of $1.34 and a fifty-two week high of $11.48. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.89 and a quick ratio of 0.89. The stock's fifty day moving average is $1.71 and its two-hundred day moving average is $2.74. The company has a market cap of $174.80 million, a price-to-earnings ratio of -0.21, a P/E/G ratio of 0.63 and a beta of 1.32.

Chegg (NYSE:CHGG - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.03. The firm had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. Chegg had a positive return on equity of 1.91% and a negative net margin of 124.05%. The business's revenue for the quarter was down 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) EPS. Sell-side analysts forecast that Chegg will post 0.19 earnings per share for the current fiscal year.

Institutional Trading of Chegg

A number of hedge funds have recently made changes to their positions in the business. Millennium Management LLC boosted its holdings in shares of Chegg by 158.4% during the second 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 raised its holdings in shares of Chegg by 284.9% during the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company's stock worth $8,694,000 after buying an additional 2,130,998 shares in the last quarter. Comerica Bank raised its stake in Chegg by 349.4% during the first quarter. Comerica Bank now owns 45,390 shares of the technology company's stock worth $344,000 after acquiring an additional 35,290 shares in the last quarter. SG Americas Securities LLC raised its stake in Chegg by 242.5% during the third quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company's stock worth $189,000 after acquiring an additional 75,751 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Chegg by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company's stock valued at $14,488,000 after purchasing an additional 433,709 shares in the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

Chegg Company 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.