Short Interest in Chegg, Inc. (NYSE:CHGG) Decreases By 6.0%

Chegg, Inc. (NYSE:CHGG) was the recipient of a large drop in short interest in December. As of December 15th, there was short interest totalling 9,330,000 shares, a drop of 6.0% from the November 30th total of 9,930,000 shares. Currently, 9.5% of the shares of the stock are short sold. Based on an average trading volume of 4,000,000 shares, the days-to-cover ratio is currently 2.3 days.

Analyst Ratings Changes

CHGG has been the topic of a number of analyst reports. Piper Sandler lowered their target price on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Wednesday, November 13th. Northland Securities cut their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. The Goldman Sachs Group decreased their price target on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Finally, Craig Hallum cut their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, Chegg currently has a consensus rating of “Hold” and a consensus price target of $4.69.

Chegg Trading Up 5.2 %

Shares of CHGG traded up $0.08 during mid-day trading on Wednesday, reaching $1.61. The company had a trading volume of 3,797,197 shares, compared to its average volume of 3,666,445. Chegg has a fifty-two week low of $1.34 and a fifty-two week high of $11.47. The firm has a fifty day simple moving average of $1.92 and a 200-day simple moving average of $2.20. The stock has a market cap of $167.93 million, a price-to-earnings ratio of -0.20 and a beta of 1.36. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The firm had revenue of $136.59 million during the quarter, compared to the consensus estimate of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The firm’s quarterly revenue was down 13.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.07) earnings per share. On average, sell-side analysts anticipate that Chegg will post 0.12 EPS for the current fiscal year.

Institutional Trading of Chegg

A number of institutional investors have recently added to or reduced their stakes in CHGG. Vanguard Personalized Indexing Management LLC purchased a new position in Chegg in the 2nd quarter worth approximately $60,000. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Chegg by 272.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after purchasing an additional 18,320 shares during the period. Intech Investment Management LLC purchased a new position in shares of Chegg in the third quarter valued at $56,000. Headlands Technologies LLC grew its holdings in Chegg by 6,994.3% during the 2nd quarter. Headlands Technologies LLC now owns 32,563 shares of the technology company’s stock valued at $103,000 after purchasing an additional 32,104 shares in the last quarter. Finally, Aspire Wealth Management Corp purchased a new stake in Chegg during the 3rd quarter worth $69,000. 95.18% of the stock is owned by hedge funds and other institutional investors.

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.