Investors Purchase Large Volume of Chegg Call Options (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) saw some unusual options trading activity on Tuesday. Stock traders bought 23,492 call options on the stock. This represents an increase of approximately 778% compared to the average volume of 2,677 call options.

Hedge Funds Weigh In On Chegg

A number of institutional investors have recently modified their holdings of the company. Empowered Funds LLC grew its position in Chegg by 2.6% during the first quarter. Empowered Funds LLC now owns 377,353 shares of the technology company’s stock valued at $280,000 after acquiring an additional 9,549 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Chegg by 0.3% in the 1st quarter. Renaissance Technologies LLC now owns 3,346,800 shares of the technology company’s stock worth $2,481,000 after purchasing an additional 10,820 shares during the period. Jefferies Financial Group Inc. lifted its stake in shares of Chegg by 14.2% in the 3rd quarter. Jefferies Financial Group Inc. now owns 88,269 shares of the technology company’s stock valued at $133,000 after purchasing an additional 11,000 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Chegg by 12.1% during the 1st quarter. Bank of America Corp DE now owns 119,544 shares of the technology company’s stock worth $89,000 after purchasing an additional 12,923 shares during the period. Finally, Cerity Partners LLC grew its holdings in shares of Chegg by 38.4% during the 2nd quarter. Cerity Partners LLC now owns 62,579 shares of the technology company’s stock worth $76,000 after purchasing an additional 17,371 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CHGG. Zacks Research raised Chegg from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Weiss Ratings upgraded shares of Chegg from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold”.

Chegg Price Performance

NYSE CHGG traded down $0.05 on Tuesday, hitting $0.94. 895,356 shares of the company’s stock were exchanged, compared to its average volume of 1,601,435. The firm has a market cap of $104.68 million, a price-to-earnings ratio of -1.18 and a beta of 2.18. The firm’s 50-day moving average price is $1.15 and its two-hundred day moving average price is $0.91. Chegg has a fifty-two week low of $0.45 and a fifty-two week high of $1.90.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Wednesday, May 6th. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.06. Chegg had a negative net margin of 26.89% and a negative return on equity of 6.73%. The business had revenue of $63.26 million during the quarter, compared to the consensus estimate of $60.95 million. On average, research analysts predict that Chegg will post -0.22 earnings per share for the current fiscal year.

Chegg Company Profile

Chegg, Inc (NYSE: CHGG) is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.

The company’s core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.