Chegg (NYSE:CHGG) Reaches New 12-Month Low at $4.96

Chegg, Inc. (NYSE:CHGG) shares reached a new 52-week low on Wednesday . The stock traded as low as $4.96 and last traded at $4.96, with a volume of 3520465 shares traded. The stock had previously closed at $5.06.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Piper Sandler restated an “underweight” rating and issued a $6.00 price objective (down from $8.50) on shares of Chegg in a research note on Tuesday, April 30th. StockNews.com upgraded shares of Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Morgan Stanley decreased their price objective on Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Friday, April 19th. JPMorgan Chase & Co. dropped their target price on Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Tuesday, February 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research note on Tuesday, April 30th. Five analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Chegg presently has an average rating of “Hold” and a consensus target price of $7.31.

Chegg Price Performance

The company has a market cap of $507.51 million, a P/E ratio of -26.32, a P/E/G ratio of 0.98 and a beta of 1.35. The company’s 50-day moving average price is $7.31 and its 200-day moving average price is $8.95. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92.

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, meeting analysts’ consensus estimates of $0.36. The company had revenue of $187.99 million for the quarter, compared to analysts’ expectations of $185.94 million. Chegg had a net margin of 2.07% and a return on equity of 0.87%. Chegg’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.16 EPS. As a group, sell-side analysts predict that Chegg, Inc. will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chegg

Institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Chegg during the 1st quarter worth approximately $30,000. Headlands Technologies LLC acquired a new stake in Chegg during the fourth quarter worth approximately $48,000. Moors & Cabot Inc. bought a new position in Chegg during the 3rd quarter worth $98,000. Shell Asset Management Co. grew its holdings in shares of Chegg by 48.8% during the 3rd quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock worth $102,000 after purchasing an additional 3,748 shares in the last quarter. Finally, Quest Partners LLC bought a new position in shares of Chegg in the fourth quarter worth $114,000. 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.