Chegg, Inc. (NYSE:CHGG) Sees Significant Growth in Short Interest

Chegg, Inc. (NYSE:CHGG) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totaling 7,240,000 shares, an increase of 35.8% from the September 30th total of 5,330,000 shares. Based on an average daily volume of 3,450,000 shares, the short-interest ratio is presently 2.1 days. Currently, 7.2% of the company’s stock are sold short. Currently, 7.2% of the company’s stock are sold short. Based on an average daily volume of 3,450,000 shares, the short-interest ratio is presently 2.1 days.

Analyst Ratings Changes

Several brokerages recently weighed in on CHGG. Zacks Research downgraded Chegg from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Chegg in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Chegg has an average rating of “Reduce” and a consensus price target of $1.70.

Chegg Price Performance

NYSE CHGG opened at $0.94 on Wednesday. The company has a market cap of $101.61 million, a price-to-earnings ratio of -0.36 and a beta of 1.93. The stock’s fifty day moving average price is $1.42 and its 200 day moving average price is $1.26. Chegg has a 1 year low of $0.44 and a 1 year high of $2.73.

Institutional Investors Weigh In On Chegg

A number of large investors have recently bought and sold shares of the company. Ground Swell Capital LLC purchased a new position in Chegg during the 2nd quarter worth approximately $27,000. Quantbot Technologies LP purchased a new position in shares of Chegg during the first quarter worth $28,000. Cerity Partners LLC raised its holdings in shares of Chegg by 226.6% during the first quarter. Cerity Partners LLC now owns 45,208 shares of the technology company’s stock worth $29,000 after purchasing an additional 31,366 shares during the last quarter. Jump Financial LLC acquired a new position in Chegg during the second quarter valued at $31,000. Finally, CW Advisors LLC purchased a new stake in Chegg in the first quarter valued at $32,000. Hedge funds and other 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.