Chegg, Inc. (NYSE:CHGG) Sees Large Decrease in Short Interest

Chegg, Inc. (NYSE:CHGG) saw a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 13,610,000 shares, a drop of 13.2% from the March 15th total of 15,680,000 shares. Based on an average daily volume of 2,710,000 shares, the short-interest ratio is presently 5.0 days. Currently, 13.7% of the company’s shares are short sold.

Chegg Stock Down 0.9 %

NYSE CHGG traded down $0.06 during trading hours on Tuesday, reaching $6.81. 1,977,150 shares of the company’s stock traded hands, compared to its average volume of 2,686,884. Chegg has a 52-week low of $6.63 and a 52-week high of $18.77. The firm has a market cap of $701.09 million, a PE ratio of -42.56, a PEG ratio of 1.39 and a beta of 1.26. The firm has a 50-day simple moving average of $8.08 and a 200 day simple moving average of $9.18. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.80 and a quick ratio of 0.80.

Chegg (NYSE:CHGG) last issued its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. Chegg had a net margin of 2.54% and a return on equity of 1.27%. The business had revenue of $187.99 million during the quarter, compared to analysts’ expectations of $185.94 million. During the same period in the previous year, the company earned $0.16 earnings per share. The business’s revenue for the quarter was down 8.4% compared to the same quarter last year. Sell-side analysts anticipate that Chegg will post 0.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CHGG shares. Piper Sandler lowered shares of Chegg from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. Piper Sandler Companies lowered shares of Chegg to an “underweight” rating and cut their price target for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. The Goldman Sachs Group cut their price target on shares of Chegg from $8.00 to $7.00 and set a “sell” rating on the stock in a report on Tuesday, February 6th. JPMorgan Chase & Co. cut their price target on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. Finally, StockNews.com raised shares of Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Four analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $10.22.

Institutional Trading of Chegg

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. purchased a new stake in shares of Chegg during the second quarter valued at $25,000. Virtus Fund Advisers LLC purchased a new stake in shares of Chegg during the fourth quarter valued at $29,000. AM Squared Ltd purchased a new stake in shares of Chegg during the first quarter valued at $47,000. Headlands Technologies LLC purchased a new stake in shares of Chegg during the fourth quarter valued at $48,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Chegg by 58.4% during the third quarter. Tower Research Capital LLC TRC now owns 5,539 shares of the technology company’s stock valued at $49,000 after buying an additional 2,043 shares during the last quarter. Institutional investors own 95.18% of the company’s stock.

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.