Chegg, Inc. (NYSE:CHGG) Short Interest Update

Chegg, Inc. (NYSE:CHGG) was the target of a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 9,940,000 shares, an increase of 6.5% from the December 15th total of 9,330,000 shares. Based on an average daily volume of 3,930,000 shares, the days-to-cover ratio is presently 2.5 days. Approximately 10.1% of the shares of the company are sold short.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CHGG shares. 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 note on Tuesday, January 14th. Craig Hallum decreased their price target on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Thursday, January 16th. Piper Sandler reduced their price objective on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Finally, 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. Four equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, Chegg has a consensus rating of “Hold” and an average target price of $4.50.

Institutional Trading of Chegg

Hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers lifted its position in shares of Chegg by 7.1% in 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. American Century Companies Inc. increased its stake in 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. Dimensional Fund Advisors LP raised its holdings in shares of Chegg by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after acquiring an additional 433,709 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Chegg by 44.5% during the 2nd quarter. Renaissance Technologies LLC now owns 682,200 shares of the technology company’s stock valued at $2,156,000 after acquiring an additional 210,191 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in shares of Chegg in the second quarter valued at $60,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Stock Performance

NYSE CHGG opened at $1.49 on Tuesday. 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 has a twelve month low of $1.34 and a twelve month high of $10.80. The business has a 50-day moving average price of $1.90 and a 200-day moving average price of $2.08. The firm has a market cap of $154.90 million, a price-to-earnings ratio of -0.19 and a beta of 1.40.

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

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.