77,100 Shares in Chegg, Inc. (NYSE:CHGG) Acquired by Quantedge Capital Pte Ltd

Quantedge Capital Pte Ltd purchased a new position in Chegg, Inc. (NYSE:CHGG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 77,100 shares of the technology company’s stock, valued at approximately $124,000. Quantedge Capital Pte Ltd owned about 0.07% of Chegg at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Caprock Group LLC purchased a new stake in Chegg during the 4th quarter valued at $28,000. Pallas Capital Advisors LLC increased its stake in shares of Chegg by 60.5% in the 4th quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock worth $28,000 after acquiring an additional 6,658 shares in the last quarter. Ieq Capital LLC bought a new position in shares of Chegg in the 4th quarter worth about $31,000. MetLife Investment Management LLC increased its stake in shares of Chegg by 107.5% in the 4th quarter. MetLife Investment Management LLC now owns 36,967 shares of the technology company’s stock worth $60,000 after acquiring an additional 19,153 shares in the last quarter. Finally, Intech Investment Management LLC raised its holdings in Chegg by 30.1% in the fourth quarter. Intech Investment Management LLC now owns 41,164 shares of the technology company’s stock worth $66,000 after buying an additional 9,514 shares during the last quarter. Institutional investors own 95.18% of the company’s stock.

Chegg Trading Up 3.7%

NYSE CHGG opened at $0.83 on Thursday. The company’s 50-day moving average price is $0.65 and its 200-day moving average price is $1.33. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. The stock has a market cap of $87.67 million, a PE ratio of -0.10 and a beta of 1.75. Chegg, Inc. has a 12 month low of $0.44 and a 12 month high of $4.84.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CHGG. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Monday. Piper Sandler reduced their price target on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a research note on Tuesday, February 25th. StockNews.com initiated coverage on shares of Chegg in a research note on Thursday, April 17th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Chegg in a research note on Tuesday, April 8th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, Chegg currently has a consensus rating of “Hold” and an average target price of $1.70.

Chegg 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.