Virtu Financial LLC Invests $130,000 in Chegg, Inc. (NYSE:CHGG)

Virtu Financial LLC purchased a new stake in shares of Chegg, Inc. (NYSE:CHGG) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 73,575 shares of the technology company’s stock, valued at approximately $130,000. Virtu Financial LLC owned about 0.07% of Chegg as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of Chegg during the second quarter valued at $99,000. Bank of New York Mellon Corp boosted its holdings in shares of Chegg by 4.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 489,853 shares of the technology company’s stock valued at $1,548,000 after acquiring an additional 22,843 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Chegg by 23,988.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock valued at $2,995,000 after acquiring an additional 943,703 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Chegg by 117.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,523 shares of the technology company’s stock worth $198,000 after acquiring an additional 33,733 shares during the period. Finally, Adero Partners LLC purchased a new position in shares of Chegg during the second quarter valued at approximately $34,000. Institutional investors own 95.18% of the company’s stock.

Chegg Price Performance

NYSE CHGG opened at $1.85 on Friday. The stock has a market cap of $192.97 million, a price-to-earnings ratio of -0.23 and a beta of 1.36. Chegg, Inc. has a 12 month low of $1.34 and a 12 month high of $11.48. The company’s 50 day moving average is $1.91 and its two-hundred day moving average is $2.33. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.06 by $0.03. The firm had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The company’s revenue was down 13.5% on a year-over-year basis. During the same period last year, the firm earned ($0.07) EPS. As a group, research analysts anticipate that Chegg, Inc. will post 0.12 earnings per share for the current year.

Wall Street Analyst Weigh In

CHGG has been the subject of a number of research analyst reports. Craig Hallum cut their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. The Goldman Sachs Group cut their price objective on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Northland Securities lowered their target price on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Wednesday, November 13th. Finally, Piper Sandler reduced their price target on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, Chegg has a consensus rating of “Hold” and a consensus price target of $4.69.

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.