Firsthand Capital Management Inc. Increases Stock Position in Chegg, Inc. (NYSE:CHGG)

Firsthand Capital Management Inc. increased its holdings in Chegg, Inc. (NYSE:CHGG) by 1,030.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 260,000 shares of the technology company’s stock after buying an additional 237,000 shares during the period. Chegg comprises approximately 0.9% of Firsthand Capital Management Inc.’s investment portfolio, making the stock its 25th biggest holding. Firsthand Capital Management Inc.’s holdings in Chegg were worth $460,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CHGG. Price T Rowe Associates Inc. MD increased its holdings in shares of Chegg by 6.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company’s stock valued at $545,000 after acquiring an additional 4,250 shares during the period. Quent Capital LLC grew its stake in Chegg by 35.0% in the second quarter. Quent Capital LLC now owns 30,460 shares of the technology company’s stock valued at $96,000 after purchasing an additional 7,892 shares during the last quarter. Gladius Capital Management LP bought a new position in Chegg in the second quarter worth about $27,000. Adero Partners LLC purchased a new stake in shares of Chegg during the second quarter valued at about $34,000. Finally, American Century Companies Inc. boosted its holdings in shares of Chegg by 11.2% in the 2nd quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock valued at $377,000 after buying an additional 11,992 shares in the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Stock Down 8.3 %

Chegg stock opened at $2.11 on Friday. The business’s 50-day simple moving average is $1.73 and its two-hundred day simple moving average is $2.49. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market cap of $220.09 million, a PE ratio of -0.26, a PEG ratio of 1.26 and a beta of 1.32. Chegg, Inc. has a fifty-two week low of $1.34 and a fifty-two week high of $11.48.

Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The firm had revenue of $136.59 million for the quarter, compared to analyst estimates of $134.12 million. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. Chegg’s revenue for the quarter was down 13.5% on a year-over-year basis. Equities analysts anticipate that Chegg, Inc. will post 0.12 EPS for the current year.

Analyst Ratings Changes

Several research firms recently commented on CHGG. Morgan Stanley reduced their price objective on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. StockNews.com lowered Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Piper Sandler lowered their price objective on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Craig Hallum reduced their target price on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Finally, Northland Securities lowered their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $4.69.

Chegg Company 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.