Stock Traders Purchase High Volume of Call Options on Chegg (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) was the recipient of unusually large options trading activity on Monday. Stock investors bought 3,305 call options on the company. This represents an increase of approximately 42% compared to the average volume of 2,321 call options.

Chegg Stock Performance

Shares of NYSE:CHGG traded up $0.11 during trading on Monday, reaching $1.54. 1,194,566 shares of the company’s stock traded hands, compared to its average volume of 2,477,124. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. Chegg has a 12 month low of $1.30 and a 12 month high of $9.14. The company has a 50 day moving average of $1.59 and a 200-day moving average of $1.80. The stock has a market capitalization of $160.11 million, a P/E ratio of -0.19 and a beta of 1.41.

Institutional Investors Weigh In On Chegg

Institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. grew its position in Chegg by 16.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 298,755 shares of the technology company’s stock worth $529,000 after purchasing an additional 41,174 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Chegg by 26.4% in the third quarter. Harbor Capital Advisors Inc. now owns 72,709 shares of the technology company’s stock valued at $129,000 after acquiring an additional 15,180 shares in the last quarter. Aspire Wealth Management Corp bought a new position in shares of Chegg in the third quarter valued at approximately $69,000. Royce & Associates LP bought a new position in shares of Chegg in the third quarter valued at approximately $91,000. Finally, Empowered Funds LLC boosted its holdings in shares of Chegg by 5.3% in the third quarter. Empowered Funds LLC now owns 372,434 shares of the technology company’s stock valued at $659,000 after acquiring an additional 18,894 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Northland Securities cut their price objective on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. Craig Hallum cut 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. Morgan Stanley reiterated an “underweight” rating and issued a $1.25 price objective (down previously from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research note on Thursday, January 16th. Finally, Piper Sandler cut their target price 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. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat, Chegg has an average rating of “Hold” and an average price target of $2.17.

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.