Chegg’s (CHGG) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Chegg (NYSE:CHGG) in a research note published on Tuesday,Benzinga reports.

Several other equities research analysts have also commented on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a report on Monday, December 29th. Zacks Research lowered shares of Chegg from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Two equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Strong Sell” and an average target price of $1.00.

Chegg Stock Down 5.8%

CHGG stock opened at $0.57 on Tuesday. Chegg has a 52-week low of $0.44 and a 52-week high of $1.90. The firm has a market cap of $61.85 million, a P/E ratio of -0.59 and a beta of 1.98. The company’s 50-day simple moving average is $0.86 and its 200-day simple moving average is $1.13.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, February 9th. The technology company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.18. The company had revenue of $72.66 million during the quarter, compared to analysts’ expectations of $71.00 million. Chegg had a negative return on equity of 17.08% and a negative net margin of 27.44%. On average, analysts anticipate that Chegg will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chegg

A number of institutional investors and hedge funds have recently bought and sold shares of CHGG. Ground Swell Capital LLC acquired a new stake in Chegg in the 2nd quarter valued at about $27,000. Jump Financial LLC purchased a new stake in shares of Chegg in the second quarter valued at approximately $31,000. Qube Research & Technologies Ltd acquired a new stake in shares of Chegg in the third quarter valued at approximately $32,000. Hudson Bay Capital Management LP purchased a new position in Chegg during the second quarter worth approximately $36,000. Finally, Burford Brothers Inc. grew its holdings in Chegg by 86.2% in the 3rd quarter. Burford Brothers Inc. now owns 25,798 shares of the technology company’s stock valued at $39,000 after buying an additional 11,944 shares in the last quarter. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Chegg Company Profile

Chegg, Inc (NYSE: CHGG) is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.

The company’s core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.