Chegg Sees Unusually High Options Volume (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) saw some unusual options trading on Thursday. Stock traders bought 4,860 put options on the company. This is an increase of approximately 169% compared to the typical volume of 1,806 put options.

Chegg Price Performance

Shares of NYSE CHGG opened at $7.03 on Friday. Chegg has a twelve month low of $6.63 and a twelve month high of $18.77. The company has a market capitalization of $723.74 million, a price-to-earnings ratio of -43.94, a PEG ratio of 1.32 and a beta of 1.26. The firm has a 50-day moving average of $8.02 and a two-hundred day moving average of $9.15. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.26.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. bought a new stake in Chegg in the second quarter valued at about $25,000. Virtus Fund Advisers LLC bought a new position in Chegg in the 4th quarter valued at $29,000. Allspring Global Investments Holdings LLC bought a new position in Chegg in the first quarter valued at about $30,000. AM Squared Ltd bought a new position in shares of Chegg in the 1st quarter valued at about $47,000. Finally, Headlands Technologies LLC acquired a new position in Chegg in the fourth quarter valued at approximately $48,000. Institutional investors own 95.18% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CHGG. BMO Capital Markets lowered their price target on Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a report on Tuesday, February 6th. The Goldman Sachs Group decreased their price objective on shares of Chegg from $8.00 to $7.00 and set a “sell” rating on the stock in a research report on Tuesday, February 6th. JPMorgan Chase & Co. dropped their target price on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. StockNews.com raised shares of Chegg from a “hold” rating to a “buy” rating in a report on Tuesday, January 23rd. Finally, Piper Sandler Companies cut shares of Chegg to an “underweight” rating and dropped their price objective for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $10.22.

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.