Trexquant Investment LP Sells 143,409 Shares of Chegg, Inc. (NYSE:CHGG)

Trexquant Investment LP lessened its holdings in Chegg, Inc. (NYSE:CHGG) by 32.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 294,638 shares of the technology company’s stock after selling 143,409 shares during the quarter. Trexquant Investment LP owned approximately 0.25% of Chegg worth $3,347,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Sylebra Capital LLC bought a new position in shares of Chegg during the third quarter valued at $61,286,000. Boston Partners bought a new position in Chegg during the 4th quarter worth $12,091,000. Federated Hermes Inc. lifted its holdings in Chegg by 229.8% during the 4th quarter. Federated Hermes Inc. now owns 1,254,339 shares of the technology company’s stock worth $14,249,000 after buying an additional 873,984 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Chegg by 39.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock worth $30,084,000 after buying an additional 750,677 shares during the period. Finally, Norges Bank bought a new stake in shares of Chegg in the 4th quarter valued at about $8,168,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Chegg Stock Performance

Chegg stock opened at $3.78 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The company’s 50 day moving average price is $6.37 and its two-hundred day moving average price is $8.62. Chegg, Inc. has a 52 week low of $3.73 and a 52 week high of $13.11.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, April 29th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The business had revenue of $174.35 million during the quarter, compared to the consensus estimate of $174.05 million. Chegg had a net margin of 2.07% and a return on equity of 0.87%. On average, research analysts predict that Chegg, Inc. will post 0.27 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CHGG shares. Jefferies Financial Group downgraded Chegg from a “hold” rating to an “underperform” rating and lowered their price objective for the stock from $7.00 to $4.00 in a research report on Tuesday, April 30th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Tuesday, April 30th. Morgan Stanley decreased their price objective on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Friday, April 19th. Piper Sandler reissued an “underweight” rating and set a $6.00 target price (down previously from $8.50) on shares of Chegg in a research note on Tuesday, April 30th. Finally, Craig Hallum reaffirmed a “hold” rating and set a $7.00 price target (down previously from $13.00) on shares of Chegg in a research report on Tuesday, April 30th. Five investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $7.31.

Chegg 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.