Chegg Sees Unusually Large Options Volume (NYSE:CHGG)
Chegg Inc (NYSE:CHGG) was the recipient of unusually large options trading on Wednesday. Stock traders bought 1,483 put options on the stock. This is an increase of 2,049% compared to the typical volume of 69 put options.
In other news, insider Michael A. Osier sold 22,568 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $41.09, for a total value of $927,319.12. Following the completion of the transaction, the insider now directly owns 479,252 shares of the company’s stock, valued at approximately $19,692,464.68. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Daniel Rosensweig sold 150,000 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $32.57, for a total value of $4,885,500.00. Following the completion of the transaction, the chief executive officer now directly owns 2,322,754 shares of the company’s stock, valued at $75,652,097.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 781,015 shares of company stock valued at $28,538,229. Corporate insiders own 5.80% of the company’s stock.
Several hedge funds have recently bought and sold shares of CHGG. Griffin Asset Management Inc. purchased a new position in shares of Chegg during the second quarter worth about $77,000. NumerixS Investment Technologies Inc acquired a new stake in shares of Chegg in the 2nd quarter valued at about $130,000. Daiwa Securities Group Inc. raised its stake in shares of Chegg by 231.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 4,407 shares of the technology company’s stock valued at $132,000 after purchasing an additional 3,077 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Chegg by 147.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,630 shares of the technology company’s stock valued at $179,000 after purchasing an additional 2,762 shares in the last quarter. Finally, Enlightenment Research LLC acquired a new stake in shares of Chegg in the 3rd quarter valued at about $207,000.
Chegg (NYSE:CHGG) last issued its earnings results on Monday, November 4th. The technology company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.10. The firm had revenue of $94.20 million for the quarter, compared to the consensus estimate of $89.04 million. Chegg had a positive return on equity of 9.53% and a negative net margin of 3.27%. The company’s revenue was up 27.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.07 earnings per share. As a group, equities analysts anticipate that Chegg will post 0.36 EPS for the current fiscal year.
Several research analysts have recently commented on CHGG shares. Zacks Investment Research raised Chegg from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research report on Wednesday. Citigroup upgraded Chegg from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $43.00 to $38.50 in a research note on Tuesday, November 5th. BMO Capital Markets upped their target price on Chegg from $37.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Morgan Stanley initiated coverage on Chegg in a research note on Monday, November 25th. They issued an “overweight” rating and a $45.00 target price on the stock. Finally, ValuEngine upgraded Chegg from a “sell” rating to a “hold” rating in a research note on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Chegg presently has a consensus rating of “Buy” and an average price target of $45.63.
Chegg Company Profile
Chegg, Inc operates direct-to-student learning platform that supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. The company offers Chegg Services, which include digital products and services; and required materials that comprise its print textbooks and eTextbooks.
Further Reading: Diversification
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