Virtus Fund Advisers LLC Purchases Shares of 17,591 Chegg, Inc. (NYSE:CHGG)

Virtus Fund Advisers LLC acquired a new position in shares of Chegg, Inc. (NYSE:CHGG) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 17,591 shares of the technology company’s stock, valued at approximately $28,000.

A number of other hedge funds have also modified their holdings of CHGG. Voss Capital LP purchased a new stake in Chegg during the fourth quarter valued at about $2,874,000. Knightsbridge Asset Management LLC purchased a new stake in shares of Chegg in the 4th quarter valued at approximately $2,055,000. Arrowstreet Capital Limited Partnership boosted its stake in Chegg by 247.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,464,022 shares of the technology company’s stock worth $2,357,000 after purchasing an additional 1,042,136 shares during the period. Quinn Opportunity Partners LLC grew its position in Chegg by 48.6% during the 4th quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company’s stock worth $4,637,000 after purchasing an additional 941,410 shares in the last quarter. Finally, Millennium Management LLC raised its stake in Chegg by 35.7% during the 4th quarter. Millennium Management LLC now owns 1,874,158 shares of the technology company’s stock valued at $3,017,000 after purchasing an additional 492,902 shares during the period. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the company. StockNews.com started coverage on Chegg in a research report on Thursday, April 17th. They issued a “hold” rating for the company. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Monday, May 12th. JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Chegg in a report on Tuesday, April 8th. Finally, Piper Sandler decreased their price target on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a report on Tuesday, February 25th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $1.70.

Chegg Stock Up 9.6%

Chegg stock opened at $0.90 on Monday. The company has a market capitalization of $95.59 million, a P/E ratio of -0.11 and a beta of 1.75. Chegg, Inc. has a 1-year low of $0.44 and a 1-year high of $4.39. The firm’s fifty day simple moving average is $0.65 and its 200-day simple moving average is $1.31. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31.

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.