Chegg Target of Unusually High Options Trading (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) saw some unusual options trading activity on Wednesday. Stock traders bought 3,311 call options on the company. This represents an increase of approximately 58% compared to the typical volume of 2,101 call options.

Institutional Trading of Chegg

Hedge funds and other institutional investors have recently made changes to their positions in the company. Qube Research & Technologies Ltd acquired a new stake in shares of Chegg during the 3rd quarter worth approximately $32,000. Jump Financial LLC acquired a new stake in shares of Chegg during the 2nd quarter worth approximately $31,000. Burford Brothers Inc. increased its holdings in shares of Chegg by 86.2% during the 3rd quarter. Burford Brothers Inc. now owns 25,798 shares of the technology company’s stock worth $39,000 after buying an additional 11,944 shares during the last quarter. Hudson Bay Capital Management LP acquired a new stake in shares of Chegg during the 2nd quarter worth approximately $36,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of Chegg by 564.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 34,060 shares of the technology company’s stock worth $51,000 after buying an additional 28,937 shares during the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Trading Up 6.0%

CHGG stock traded up $0.07 during mid-day trading on Thursday, reaching $1.16. The company’s stock had a trading volume of 1,167,187 shares, compared to its average volume of 1,240,664. The stock has a market cap of $126.21 million, a PE ratio of -1.20 and a beta of 1.86. Chegg has a fifty-two week low of $0.45 and a fifty-two week high of $1.90. The company’s 50 day moving average is $0.67 and its two-hundred day moving average is $0.91.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, February 9th. The technology company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.18. The company had revenue of $72.66 million during the quarter, compared to the consensus estimate of $71.00 million. Chegg had a negative net margin of 27.44% and a negative return on equity of 18.30%. On average, analysts forecast that Chegg will post 0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on CHGG shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Chegg in a report on Friday, March 27th. Zacks Research downgraded shares of Chegg from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday, February 10th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Chegg presently has a consensus rating of “Reduce”.

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.