XTX Topco Ltd Increases Holdings in Chegg, Inc. (NYSE:CHGG)

XTX Topco Ltd grew its holdings in Chegg, Inc. (NYSE:CHGG - Free Report) by 384.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 394,152 shares of the technology company's stock after purchasing an additional 312,780 shares during the period. XTX Topco Ltd owned about 0.38% of Chegg worth $698,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. 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 buying an additional 4,250 shares during the last quarter. Comerica Bank increased its position in Chegg by 349.4% during the first quarter. Comerica Bank now owns 45,390 shares of the technology company's stock valued at $344,000 after acquiring an additional 35,290 shares during the last quarter. SG Americas Securities LLC bought a new position in Chegg in the second quarter valued at about $99,000. Gladius Capital Management LP purchased a new position in Chegg in the second quarter worth about $27,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Chegg by 4.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 489,853 shares of the technology company's stock valued at $1,548,000 after purchasing an additional 22,843 shares during the period. Hedge funds and other institutional investors own 95.18% of the company's stock.

Chegg Price Performance

NYSE CHGG traded down $0.06 during trading hours on Thursday, reaching $2.24. The company's stock had a trading volume of 3,075,245 shares, compared to its average volume of 3,685,133. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg, Inc. has a 1 year low of $1.34 and a 1 year high of $11.48. The firm's 50-day moving average price is $1.85 and its 200-day moving average price is $2.38. The company has a market capitalization of $233.65 million, a price-to-earnings ratio of -0.29 and a beta of 1.36.

Chegg (NYSE:CHGG - Get Free Report) last issued its earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.03. The firm had revenue of $136.59 million during the quarter, compared to analyst estimates of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. Chegg's revenue for the quarter was down 13.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.07) earnings per share. On average, equities research analysts predict that Chegg, Inc. will post 0.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Piper Sandler dropped their price objective on shares of Chegg from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Thursday, November 14th. The Goldman Sachs Group cut their price objective on shares of Chegg from $3.75 to $1.75 and set a "neutral" rating for the company in a research report on Thursday, November 14th. Craig Hallum decreased their target price on Chegg from $3.00 to $1.50 and set a "hold" rating on the stock in a report on Wednesday, November 13th. Northland Securities lowered their target price on Chegg from $4.00 to $3.00 and set a "market perform" rating on the stock in a research report on Wednesday, November 13th. Finally, Needham & Company LLC restated a "hold" rating on shares of Chegg in a research report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $4.69.

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.