Chegg (NYSE:CHGG) Earns “Hold” Rating from Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Chegg (NYSE:CHGG) in a report published on Tuesday morning, Benzinga reports.

CHGG has been the subject of several other reports. Jefferies Financial Group lowered Chegg from a hold rating to an underperform rating and dropped their price target for the stock from $7.00 to $4.00 in a research note on Tuesday, April 30th. Craig Hallum restated a hold rating and set a $7.00 price target (down from $13.00) on shares of Chegg in a research note on Tuesday, April 30th. Piper Sandler reaffirmed an underweight rating and issued a $6.00 target price (down previously from $8.50) on shares of Chegg in a research report on Tuesday, April 30th. Finally, Morgan Stanley raised Chegg from an underweight rating to an equal weight rating and decreased their target price for the stock from $6.50 to $3.25 in a research report on Tuesday, July 16th. Three equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $5.47.

Chegg Price Performance

CHGG traded down $0.05 during trading on Tuesday, reaching $2.21. 712,605 shares of the stock were exchanged, compared to its average volume of 3,494,654. The business’s 50 day moving average price is $3.12 and its two-hundred day moving average price is $5.86. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $225.90 million, a price-to-earnings ratio of -11.89, a P/E/G ratio of 0.56 and a beta of 1.35. Chegg has a 1 year low of $2.11 and a 1 year high of $11.48.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.21 by $0.03. The company had revenue of $163.10 million during the quarter, compared to analyst estimates of $160.02 million. Chegg had a return on equity of 0.87% and a net margin of 2.07%. The firm’s revenue was down 10.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.01 earnings per share. As a group, equities research analysts anticipate that Chegg will post 0.28 earnings per share for the current year.

Institutional Trading of Chegg

A number of institutional investors and hedge funds have recently made changes to their positions in CHGG. Allspring Global Investments Holdings LLC acquired a new stake in Chegg in the 1st quarter valued at approximately $30,000. Headlands Technologies LLC acquired a new stake in Chegg in the 4th quarter valued at approximately $48,000. Gladius Capital Management LP acquired a new stake in Chegg in the 2nd quarter valued at approximately $27,000. Quest Partners LLC bought a new position in Chegg during the 4th quarter valued at $114,000. Finally, Adero Partners LLC bought a new position in Chegg during the 2nd quarter valued at $34,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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.