Quinn Opportunity Partners LLC Decreases Position in Chegg, Inc. $CHGG

Quinn Opportunity Partners LLC cut its position in Chegg, Inc. (NYSE:CHGG) by 30.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,406,542 shares of the technology company’s stock after selling 1,076,224 shares during the quarter. Quinn Opportunity Partners LLC owned 2.26% of Chegg worth $2,912,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in Chegg by 95.9% in the first quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock valued at $1,925,000 after buying an additional 1,474,640 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Chegg by 78.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,670,399 shares of the technology company’s stock worth $1,068,000 after purchasing an additional 736,239 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Chegg during the 1st quarter worth approximately $387,000. Acadian Asset Management LLC increased its stake in shares of Chegg by 11.2% in the first quarter. Acadian Asset Management LLC now owns 4,175,681 shares of the technology company’s stock valued at $2,664,000 after purchasing an additional 421,796 shares during the period. Finally, Baader Bank Aktiengesellschaft boosted its position in shares of Chegg by 99.6% during the first quarter. Baader Bank Aktiengesellschaft now owns 600,001 shares of the technology company’s stock worth $384,000 after buying an additional 299,428 shares during the period. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Price Performance

Shares of CHGG opened at $1.14 on Wednesday. The company has a market capitalization of $122.95 million, a price-to-earnings ratio of -1.58 and a beta of 1.93. The business’s 50-day moving average is $1.38 and its 200-day moving average is $1.27. Chegg, Inc. has a fifty-two week low of $0.44 and a fifty-two week high of $2.73.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CHGG shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Chegg in a research note on Wednesday, October 8th. Zacks Research cut Chegg from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Five research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target 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.