Chegg (NYSE:CHGG) Given Hold Rating at Needham & Company LLC

Chegg (NYSE:CHGG)‘s stock had its “hold” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports.

CHGG has been the subject of a number of other reports. Craig Hallum cut their price target on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. Northland Securities dropped their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. The Goldman Sachs Group reduced their target price on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Piper Sandler decreased their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $1.25 price target (down previously from $2.00) on shares of Chegg in a research report on Tuesday. Four investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $4.50.

Chegg Price Performance

Shares of Chegg stock opened at $1.54 on Thursday. The stock has a market capitalization of $160.63 million, a price-to-earnings ratio of -0.19 and a beta of 1.40. The firm’s 50-day moving average price is $1.92 and its two-hundred day moving average price is $2.11. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg has a 1-year low of $1.34 and a 1-year high of $11.25.

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

Institutional Trading of Chegg

A number of hedge funds have recently modified their holdings of CHGG. Pallas Capital Advisors LLC grew its holdings in Chegg by 60.5% during the fourth quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock valued at $28,000 after purchasing an additional 6,658 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its holdings in Chegg by 272.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after purchasing an additional 18,320 shares during the period. Intech Investment Management LLC bought a new position in shares of Chegg during the third quarter worth $56,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Chegg in the 2nd quarter valued at $60,000. Finally, Aspire Wealth Management Corp bought a new stake in shares of Chegg in the 3rd quarter valued at $69,000. 95.18% of the stock is currently 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.