Chegg (NYSE:CHGG) Given New $3.00 Price Target at Craig Hallum

Chegg (NYSE:CHGG) had its target price reduced by Craig Hallum from $7.00 to $3.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Craig Hallum currently has a hold rating on the technology company’s stock.

A number of other equities analysts have also commented on CHGG. The Goldman Sachs Group upgraded shares of Chegg from a sell rating to a neutral rating and reduced their price target for the company from $7.00 to $3.75 in a research report on Tuesday. Piper Sandler dropped their target price on shares of Chegg from $6.00 to $2.00 and set an underweight rating for the company in a research note on Tuesday. StockNews.com downgraded shares of Chegg from a buy rating to a hold rating in a research note on Tuesday. Morgan Stanley dropped their price target on shares of Chegg from $3.25 to $3.00 and set an equal weight rating for the company in a research note on Tuesday. Finally, Jefferies Financial Group downgraded shares of Chegg from a hold rating to an underperform rating and dropped their price target for the stock from $7.00 to $4.00 in a research note on Tuesday, April 30th. Three equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $5.47.

Chegg Stock Performance

CHGG traded up $0.07 during trading on Wednesday, hitting $2.28. The stock had a trading volume of 1,060,538 shares, compared to its average volume of 3,495,060. The firm has a market cap of $233.05 million, a PE ratio of -11.63, a P/E/G ratio of 0.56 and a beta of 1.35. Chegg has a 12 month low of $2.11 and a 12 month high of $11.48. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a 50 day simple moving average of $3.15 and a 200-day simple moving average of $5.88.

Chegg (NYSE:CHGG) last issued its earnings results on Monday, August 5th. The technology company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.03. Chegg had a net margin of 2.07% and a return on equity of 0.87%. The business had revenue of $163.10 million for the quarter, compared to analyst estimates of $160.02 million. During the same period in the previous year, the business earned $0.01 EPS. The firm’s revenue was down 10.8% on a year-over-year basis. Analysts expect that Chegg will post 0.28 EPS for the current year.

Institutional Trading of Chegg

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHGG. American Century Companies Inc. increased its position in Chegg by 11.2% during the second quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock worth $377,000 after acquiring an additional 11,992 shares during the period. Headlands Technologies LLC increased its position in Chegg by 6,994.3% during the second quarter. Headlands Technologies LLC now owns 32,563 shares of the technology company’s stock worth $103,000 after acquiring an additional 32,104 shares during the period. Acadian Asset Management LLC increased its position in Chegg by 11,517.3% during the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock worth $6,807,000 after acquiring an additional 2,136,336 shares during the period. Victory Capital Management Inc. increased its position in Chegg by 939.4% during the second quarter. Victory Capital Management Inc. now owns 495,450 shares of the technology company’s stock worth $1,566,000 after acquiring an additional 447,784 shares during the period. Finally, Rhumbline Advisers increased its position in Chegg by 7.1% during the second quarter. Rhumbline Advisers now owns 183,347 shares of the technology company’s stock worth $579,000 after acquiring an additional 12,153 shares during the period. 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.