Chegg, Inc. (NYSE:CHGG) Given Consensus Recommendation of “Reduce” by Brokerages

Chegg, Inc. (NYSE:CHGG) has received a consensus recommendation of “Reduce” from the ten brokerages that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $4.50.

Several research firms have commented on CHGG. The Goldman Sachs Group lowered their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Northland Securities lowered their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. Morgan Stanley reiterated an “underweight” rating and issued a $1.25 price objective (down previously from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research note on Thursday. Finally, Craig Hallum cut their price target on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, November 13th.

Hedge Funds Weigh In On Chegg

Several hedge funds and other institutional investors have recently made changes to their positions in CHGG. Bank of New York Mellon Corp raised its holdings in Chegg by 4.9% in 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 acquiring an additional 22,843 shares during the last quarter. Rhumbline Advisers lifted its position in Chegg by 7.1% during the second quarter. Rhumbline Advisers now owns 183,347 shares of the technology company’s stock worth $579,000 after buying an additional 12,153 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Chegg by 939.4% during the second quarter. Victory Capital Management Inc. now owns 495,450 shares of the technology company’s stock worth $1,566,000 after buying an additional 447,784 shares during the last quarter. Headlands Technologies LLC grew its holdings in Chegg by 6,994.3% in the 2nd quarter. Headlands Technologies LLC now owns 32,563 shares of the technology company’s stock valued at $103,000 after buying an additional 32,104 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Chegg by 11.2% in the 2nd quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock worth $377,000 after acquiring an additional 11,992 shares during the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Stock Down 3.6 %

NYSE:CHGG opened at $1.49 on Monday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. The company’s fifty day moving average price is $1.91 and its 200-day moving average price is $2.09. Chegg has a 1-year low of $1.34 and a 1-year high of $10.80. The firm has a market capitalization of $154.90 million, a P/E ratio of -0.19 and a beta of 1.40.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $134.12 million. During the same quarter last year, the business posted ($0.07) EPS. The company’s revenue was down 13.5% on a year-over-year basis. As a group, equities research analysts anticipate that Chegg will post 0.12 EPS for the current 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.