Chegg (NYSE:CHGG) Reaches New 1-Year Low at $6.63

Chegg, Inc. (NYSE:CHGG)’s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as $6.63 and last traded at $6.69, with a volume of 596633 shares. The stock had previously closed at $6.83.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Piper Sandler downgraded Chegg from a “neutral” rating to an “underweight” rating and cut their price target for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. Piper Sandler Companies cut shares of Chegg to an “underweight” rating and decreased their price objective for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. StockNews.com raised shares of Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, January 23rd. BMO Capital Markets decreased their target price on shares of Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a research report on Tuesday, February 6th. Finally, The Goldman Sachs Group reduced their price objective on Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a research note on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $10.00.

Chegg Stock Down 0.3 %

The firm has a market cap of $691.69 million, a PE ratio of -42.50, a PEG ratio of 1.33 and a beta of 1.26. The business’s 50 day moving average price is $7.91 and its 200 day moving average price is $9.12. 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 released its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, meeting the consensus estimate of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The business had revenue of $187.99 million for the quarter, compared to the consensus estimate of $185.94 million. During the same quarter last year, the business posted $0.16 earnings per share. The business’s quarterly revenue was down 8.4% compared to the same quarter last year. On average, equities research analysts expect that Chegg, Inc. will post 0.26 earnings per share for the current year.

Institutional Trading of Chegg

A number of hedge funds have recently bought and sold shares of the business. Sylebra Capital LLC purchased a new position in Chegg during the third quarter worth about $61,286,000. Boston Partners purchased a new position in Chegg during the fourth quarter worth about $12,091,000. Federated Hermes Inc. raised its stake in shares of Chegg by 229.8% in the 4th quarter. Federated Hermes Inc. now owns 1,254,339 shares of the technology company’s stock valued at $14,249,000 after acquiring an additional 873,984 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Chegg by 7.5% in the 4th quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock worth $132,117,000 after acquiring an additional 809,530 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Chegg by 39.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock worth $30,084,000 after purchasing an additional 750,677 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.