Chegg, Inc. (NYSE:CHGG) Sees Large Increase in Short Interest

Chegg, Inc. (NYSE:CHGG) saw a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 10,600,000 shares, an increase of 8.5% from the January 15th total of 9,770,000 shares. Based on an average trading volume of 3,570,000 shares, the days-to-cover ratio is presently 3.0 days. Approximately 11.0% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Northland Securities reduced their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. Piper Sandler cut their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday, November 14th. Morgan Stanley reissued an “underweight” rating and set a $1.25 price target (down previously from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Craig Hallum cut their price target on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group cut their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.17.

Chegg Stock Performance

NYSE CHGG opened at $1.47 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The business has a 50-day moving average price of $1.66 and a 200-day moving average price of $1.83. Chegg has a twelve month low of $1.30 and a twelve month high of $9.34.

Institutional Investors Weigh In On Chegg

A number of hedge funds have recently made changes to their positions in CHGG. SG Americas Securities LLC lifted its position in shares of Chegg by 242.5% in the third quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company’s stock worth $189,000 after buying an additional 75,751 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Chegg by 16.0% in the third quarter. Assenagon Asset Management S.A. now owns 298,755 shares of the technology company’s stock worth $529,000 after buying an additional 41,174 shares in the last quarter. Burford Brothers Inc. lifted its position in shares of Chegg by 37.7% in the third quarter. Burford Brothers Inc. now owns 88,597 shares of the technology company’s stock worth $157,000 after buying an additional 24,262 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Chegg by 26.4% in the third quarter. Harbor Capital Advisors Inc. now owns 72,709 shares of the technology company’s stock worth $129,000 after buying an additional 15,180 shares in the last quarter. Finally, Aspire Wealth Management Corp purchased a new stake in Chegg during the third quarter valued at approximately $69,000. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

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.