Chegg (NYSE:CHGG) Receives “Hold” Rating from Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Chegg (NYSE:CHGG) in a research note released on Tuesday,Benzinga reports.

A number of other research firms have also recently commented on CHGG. Morgan Stanley reiterated an “underweight” rating and issued a $1.25 price target (down from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. The Goldman Sachs Group decreased their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Craig Hallum reduced their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Piper Sandler reduced their price objective on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Finally, Northland Securities reduced their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat.com, Chegg currently has an average rating of “Hold” and a consensus price target of $2.08.

Chegg Trading Down 32.4 %

Chegg stock opened at $1.06 on Tuesday. The stock has a 50-day moving average of $1.56 and a two-hundred day moving average of $1.79. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. Chegg has a one year low of $1.01 and a one year high of $9.14. The stock has a market cap of $110.04 million, a PE ratio of -0.13 and a beta of 1.41.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CHGG. Assenagon Asset Management S.A. raised its position in Chegg by 16.0% during the third quarter. Assenagon Asset Management S.A. now owns 298,755 shares of the technology company’s stock valued at $529,000 after acquiring an additional 41,174 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in Chegg by 26.4% during 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 purchased a new position in Chegg during the third quarter valued at approximately $69,000. Royce & Associates LP purchased a new position in Chegg during the third quarter valued at approximately $91,000. Finally, Empowered Funds LLC raised its position in Chegg by 5.3% during 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. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

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.