Chegg (NYSE:CHGG) Price Target Lowered to $1.50 at Craig Hallum

Chegg (NYSE:CHGG) had its price objective cut by Craig Hallum from $3.00 to $1.50 in a report published on Wednesday morning,Benzinga reports. They currently have a hold rating on the technology company’s stock.

A number of other brokerages have also recently issued reports on CHGG. StockNews.com cut shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Northland Securities reduced their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research note on Wednesday. Morgan Stanley dropped their target price on Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $7.00 to $3.75 in a research report on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.69.

Chegg Stock Performance

NYSE CHGG opened at $1.72 on Wednesday. Chegg has a 52-week low of $1.34 and a 52-week high of $11.48. The company has a fifty day moving average of $1.70 and a 200-day moving average of $2.68. The company has a market capitalization of $179.41 million, a P/E ratio of -0.22, a P/E/G ratio of 0.56 and a beta of 1.32. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.89 and a current ratio of 0.91.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The firm had revenue of $136.59 million during the quarter, compared to analysts’ expectations of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The company’s revenue for the quarter was down 13.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.07) EPS. As a group, equities research analysts predict that Chegg will post 0.19 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC boosted its position in Chegg by 11,517.3% during the 2nd quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock valued at $6,807,000 after acquiring an additional 2,136,336 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Chegg by 284.9% in the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock valued at $8,694,000 after purchasing an additional 2,130,998 shares during the period. Millennium Management LLC boosted its position in shares of Chegg by 158.4% during the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after purchasing an additional 1,361,710 shares in the last quarter. Divisadero Street Capital Management LP purchased a new stake in Chegg in the second quarter worth $3,501,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Chegg by 23,988.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock worth $2,995,000 after purchasing an additional 943,703 shares in the last quarter. 95.18% of the stock is currently owned by institutional investors.

Chegg Company 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.