Needham & Company LLC Reaffirms Hold Rating for Chegg (NYSE:CHGG)

Needham & Company LLC reiterated their hold rating on shares of Chegg (NYSE:CHGG) in a research note issued to investors on Tuesday,Benzinga reports.

Several other equities analysts have also commented on CHGG. Morgan Stanley reaffirmed an “underweight” rating and issued a $1.25 price target (down previously from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. The Goldman Sachs Group decreased their price target on 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 decreased their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Craig Hallum decreased their price target on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Finally, Northland Securities decreased their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.08.

Chegg Stock Down 32.4 %

Shares of NYSE:CHGG opened at $1.06 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The business has a fifty day moving average of $1.56 and a two-hundred day moving average of $1.79. The stock has a market cap of $110.04 million, a P/E ratio of -0.13 and a beta of 1.41. Chegg has a 52-week low of $1.01 and a 52-week high of $9.14.

Hedge Funds Weigh In On Chegg

Several hedge funds have recently bought and sold shares of CHGG. Pallas Capital Advisors LLC lifted its stake in Chegg by 60.5% during 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. Caprock Group LLC acquired a new stake in Chegg in the 4th quarter valued at about $28,000. Virtus Fund Advisers LLC acquired a new stake in Chegg in the 4th quarter valued at about $28,000. Ieq Capital LLC acquired a new stake in Chegg in the 4th quarter valued at about $31,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its position in Chegg by 272.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after purchasing an additional 18,320 shares in the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.