Brokerages Set Chegg, Inc. (NYSE:CHGG) PT at $1.70

Chegg, Inc. (NYSE:CHGG) has been assigned an average recommendation of “Reduce” from the seven analysts that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $1.70.

A number of brokerages have recently weighed in on CHGG. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Monday, May 12th. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Chegg in a research note on Tuesday, April 8th. Piper Sandler reduced their target price on Chegg from $1.50 to $1.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 25th. Finally, StockNews.com initiated coverage on Chegg in a research note on Thursday, April 17th. They issued a “hold” rating for the company.

Institutional Trading of Chegg

Institutional investors and hedge funds have recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC purchased a new stake in Chegg during the 4th quarter valued at approximately $559,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Chegg by 247.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,464,022 shares of the technology company’s stock worth $2,357,000 after purchasing an additional 1,042,136 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Chegg by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 934,160 shares of the technology company’s stock valued at $1,504,000 after acquiring an additional 22,827 shares during the last quarter. Knightsbridge Asset Management LLC purchased a new position in Chegg in the fourth quarter valued at about $2,055,000. Finally, Vanguard Group Inc. raised its position in Chegg by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company’s stock valued at $15,722,000 after purchasing an additional 180,258 shares during the period. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Trading Up 11.7%

Shares of NYSE:CHGG opened at $1.01 on Friday. The business’s 50-day moving average is $0.66 and its 200 day moving average is $1.30. Chegg has a 1 year low of $0.44 and a 1 year high of $4.18. The firm has a market capitalization of $107.10 million, a P/E ratio of -0.13 and a beta of 1.75. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91.

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.