Chegg, Inc. (NYSE:CHGG) Short Interest Up 6.5% in January

Chegg, Inc. (NYSE:CHGG) was the target of a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 9,940,000 shares, a growth of 6.5% from the December 31st total of 9,330,000 shares. Currently, 10.1% of the company’s shares are short sold. Based on an average daily trading volume, of 3,930,000 shares, the short-interest ratio is presently 2.5 days.

Institutional Trading of Chegg

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of Chegg by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after acquiring an additional 433,709 shares during the period. Geode Capital Management LLC increased its position in Chegg by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock valued at $4,099,000 after purchasing an additional 26,574 shares during the period. Millennium Management LLC increased its position in Chegg by 158.4% during the 2nd quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after purchasing an additional 1,361,710 shares during the period. Charles Schwab Investment Management Inc. increased its position in Chegg by 14.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 911,333 shares of the technology company’s stock valued at $1,613,000 after purchasing an additional 118,403 shares during the period. Finally, XTX Topco Ltd grew its position in shares of Chegg by 384.4% during the 3rd quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock worth $698,000 after buying an additional 312,780 shares during the period. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CHGG has been the topic of several research analyst reports. Morgan Stanley reiterated an “underweight” rating and set a $1.25 price target (down from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Piper Sandler dropped their price target on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. The Goldman Sachs Group dropped their price target on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Craig Hallum decreased their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Thursday, January 16th. Four equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat.com, Chegg presently has a consensus rating of “Hold” and an average target price of $4.50.

Chegg Price Performance

CHGG traded up $0.04 during midday trading on Tuesday, hitting $1.48. The company had a trading volume of 390,037 shares, compared to its average volume of 2,567,163. 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 capitalization of $153.86 million, a PE ratio of -0.18 and a beta of 1.41. Chegg has a twelve month low of $1.34 and a twelve month high of $9.75. The firm’s 50-day simple moving average is $1.85 and its 200-day simple moving average is $1.97.

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

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.