Short Interest in Chegg, Inc. (NYSE:CHGG) Expands By 6.1%

Chegg, Inc. (NYSE:CHGG) saw a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 11,870,000 shares, an increase of 6.1% from the September 30th total of 11,190,000 shares. Based on an average trading volume of 3,850,000 shares, the short-interest ratio is currently 3.1 days. Currently, 12.1% of the shares of the stock are short sold.

Chegg Stock Up 1.9 %

Shares of NYSE:CHGG traded up $0.03 during trading on Friday, reaching $1.63. 3,120,390 shares of the stock were exchanged, compared to its average volume of 3,580,199. The stock has a fifty day moving average of $1.79 and a two-hundred day moving average of $3.10. Chegg has a 1-year low of $1.48 and a 1-year high of $11.48. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market cap of $166.62 million, a price-to-earnings ratio of -0.27, a price-to-earnings-growth ratio of 0.59 and a beta of 1.31.

Chegg (NYSE:CHGG) last announced its quarterly 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. The business had revenue of $163.10 million for the quarter, compared to analysts’ expectations of $160.02 million. Chegg had a negative net margin of 91.74% and a positive return on equity of 2.10%. The firm’s revenue for the quarter was down 10.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.01 EPS. Research analysts anticipate that Chegg will post 0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chegg

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Chegg by 7.5% in the 4th quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company’s stock worth $132,117,000 after buying an additional 809,530 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Chegg during the 1st quarter valued at $30,000. Janney Montgomery Scott LLC increased its holdings in Chegg by 26.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 109,821 shares of the technology company’s stock worth $831,000 after acquiring an additional 22,701 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Chegg by 89.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 78,695 shares of the technology company’s stock valued at $596,000 after acquiring an additional 37,100 shares during the period. Finally, GSA Capital Partners LLP purchased a new stake in Chegg during the first quarter valued at about $729,000. 95.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Piper Sandler decreased their price target on Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Tuesday, August 6th. Craig Hallum lowered their price target on shares of Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. Morgan Stanley cut their price objective on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group raised Chegg from a “sell” rating to a “neutral” rating and lowered their target price for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat.com, Chegg currently has a consensus rating of “Hold” and an average price target of $5.25.

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.