Short Interest in Chegg, Inc. (NYSE:CHGG) Increases By 6.5%

Chegg, Inc. (NYSE:CHGG) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 9,940,000 shares, a growth of 6.5% from the December 15th total of 9,330,000 shares. Currently, 10.1% of the shares of the company are sold short. Based on an average daily trading volume, of 3,930,000 shares, the days-to-cover ratio is currently 2.5 days.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CHGG shares. The Goldman Sachs Group lowered their target price on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Piper Sandler lowered their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Craig Hallum cut their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Northland Securities decreased their target price on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Thursday. Four investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $4.50.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Pallas Capital Advisors LLC boosted its holdings in shares of Chegg by 60.5% in the 4th quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock worth $28,000 after acquiring an additional 6,658 shares in the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Chegg in the second quarter valued at $60,000. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of Chegg by 272.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after buying an additional 18,320 shares during the last quarter. Intech Investment Management LLC acquired a new position in Chegg during the 3rd quarter worth about $56,000. Finally, Aspire Wealth Management Corp bought a new stake in Chegg during the 3rd quarter worth about $69,000. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Stock Performance

Shares of NYSE:CHGG traded down $0.06 during trading on Friday, hitting $1.49. 3,113,775 shares of the stock were exchanged, compared to its average volume of 2,618,248. The company has a market capitalization of $154.90 million, a price-to-earnings ratio of -0.19 and a beta of 1.40. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. Chegg has a 1-year low of $1.34 and a 1-year high of $10.80. The company’s fifty day simple moving average is $1.91 and its 200-day simple moving average is $2.09.

Chegg (NYSE:CHGG) last posted its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The firm had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The business’s revenue was down 13.5% compared to the same quarter last year. Sell-side analysts expect that Chegg will post 0.12 EPS for the current fiscal year.

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.