Chegg (NYSE:CHGG) Rating Lowered to “Hold” at Zacks Research

Chegg (NYSE:CHGG) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Separately, Weiss Ratings raised Chegg from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 23rd. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce”.

Chegg Stock Down 5.0%

Shares of NYSE CHGG opened at $0.94 on Monday. Chegg has a twelve month low of $0.45 and a twelve month high of $1.90. The company has a 50 day moving average of $1.15 and a 200 day moving average of $0.91. The firm has a market cap of $104.68 million, a P/E ratio of -1.18 and a beta of 2.18.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Wednesday, May 6th. The technology company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.06. The company had revenue of $63.26 million for the quarter, compared to analysts’ expectations of $60.95 million. Chegg had a negative return on equity of 6.73% and a negative net margin of 26.89%. As a group, equities analysts expect that Chegg will post -0.22 earnings per share for the current fiscal year.

Institutional Trading of Chegg

Hedge funds and other institutional investors have recently modified their holdings of the company. Qube Research & Technologies Ltd bought a new stake in shares of Chegg during the 3rd quarter valued at $32,000. Jump Financial LLC purchased a new stake in Chegg in the 2nd quarter worth $31,000. Hudson Bay Capital Management LP purchased a new stake in Chegg in the 2nd quarter worth $36,000. BNP Paribas Financial Markets raised its holdings in Chegg by 564.8% during the third quarter. BNP Paribas Financial Markets now owns 34,060 shares of the technology company’s stock valued at $51,000 after acquiring an additional 28,937 shares during the period. Finally, Virtu Financial LLC purchased a new position in shares of Chegg in the fourth quarter valued at about $49,000. 95.18% of the stock is owned by hedge funds and other institutional investors.

About Chegg

Chegg, Inc (NYSE: CHGG) is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.

The company’s core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.