Chegg (NYSE:CHGG) Stock Price Crosses Below 200 Day Moving Average – What’s Next?

Chegg, Inc. (NYSE:CHGG)’s share price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.66 and traded as low as $0.77. Chegg shares last traded at $0.78, with a volume of 2,463,855 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CHGG. Piper Sandler dropped their target price on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 25th. Morgan Stanley reissued an “underweight” rating and issued a $1.25 target price (down from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Tuesday, February 25th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat.com, Chegg has an average rating of “Hold” and an average price target of $2.08.

Chegg Price Performance

The stock’s 50-day moving average is $1.32 and its 200 day moving average is $1.65. The stock has a market capitalization of $78.73 million, a PE ratio of -0.09 and a beta of 1.52. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31.

Institutional Trading of Chegg

Several large investors have recently added to or reduced their stakes in the business. Pallas Capital Advisors LLC grew its position in Chegg by 60.5% in the fourth 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. Intech Investment Management LLC grew its position 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 acquiring an additional 9,514 shares in the last quarter. ProShare Advisors LLC grew its position in Chegg by 51.2% in the fourth quarter. ProShare Advisors LLC now owns 28,360 shares of the technology company’s stock worth $46,000 after acquiring an additional 9,600 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of Chegg by 41.8% in the fourth quarter. Hsbc Holdings PLC now owns 50,206 shares of the technology company’s stock worth $81,000 after buying an additional 14,801 shares during the last quarter. Finally, Virtus Fund Advisers LLC acquired a new stake in shares of Chegg in the fourth quarter worth $28,000. 95.18% of the stock is owned by 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.