Chegg’s (CHGG) Hold Rating Reaffirmed at Craig Hallum

Chegg (NYSE:CHGG)‘s stock had its “hold” rating reissued by equities research analysts at Craig Hallum in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They currently have a $7.00 price target on the technology company’s stock, down from their previous price target of $13.00. Craig Hallum’s price objective points to a potential downside of 2.37% from the stock’s previous close.

A number of other analysts have also commented on the stock. Piper Sandler lowered shares of Chegg from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. The Goldman Sachs Group decreased their price target on shares of Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a research note on Tuesday, February 6th. Piper Sandler Companies lowered shares of Chegg to an “underweight” rating and decreased their price target for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. StockNews.com upgraded shares of Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 23rd. Finally, BMO Capital Markets reduced their target price on shares of Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a research note on Tuesday, February 6th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.72.

Chegg Stock Up 1.0 %

Chegg stock opened at $7.17 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.26. Chegg has a 12-month low of $6.63 and a 12-month high of $17.92. The firm’s fifty day moving average is $7.74 and its 200 day moving average is $9.08. The company has a market capitalization of $728.26 million, a PE ratio of -44.81, a PEG ratio of 1.38 and a beta of 1.26.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, meeting analysts’ consensus estimates of $0.36. The business had revenue of $187.99 million during the quarter, compared to analyst estimates of $185.94 million. Chegg had a net margin of 2.54% and a return on equity of 1.27%. Chegg’s quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.16 EPS. As a group, sell-side analysts predict that Chegg will post 0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Chegg

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Chegg in the 1st quarter worth about $30,000. Headlands Technologies LLC purchased a new position in shares of Chegg in the 4th quarter worth about $48,000. Moors & Cabot Inc. purchased a new position in shares of Chegg in the 3rd quarter worth about $98,000. Shell Asset Management Co. lifted its holdings in Chegg by 48.8% during the third quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock valued at $102,000 after purchasing an additional 3,748 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in Chegg during the fourth quarter valued at about $114,000. 95.18% of the stock is 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.