Piper Sandler Lowers Chegg (NYSE:CHGG) Price Target to $1.00

Chegg (NYSE:CHGG) had its price target decreased by Piper Sandler from $1.50 to $1.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the technology company’s stock. Piper Sandler’s price target indicates a potential downside of 11.89% from the stock’s current price.

Several other equities analysts have also recently weighed in on CHGG. Craig Hallum lowered their target price on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Tuesday. Morgan Stanley reiterated an “underweight” rating and issued a $1.25 target price (down previously from $2.00) on shares of Chegg in a research report on Tuesday, January 14th. The Goldman Sachs Group lowered their price target on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Finally, Northland Securities cut their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.08.

Chegg Stock Down 27.2 %

NYSE CHGG traded down $0.43 during trading hours on Tuesday, reaching $1.14. 4,983,403 shares of the company traded hands, compared to its average volume of 2,753,000. The stock has a market capitalization of $118.39 million, a PE ratio of -0.14 and a beta of 1.41. The company has a 50 day moving average of $1.58 and a two-hundred day moving average of $1.80. 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 has a 12 month low of $1.01 and a 12 month high of $9.14.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, February 24th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.14). Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The business had revenue of $143.48 million for the quarter, compared to analyst estimates of $142.05 million. As a group, equities analysts expect that Chegg will post 0.15 earnings per share for the current year.

Institutional Trading of Chegg

Large investors have recently made changes to their positions in the business. Voss Capital LP acquired a new stake in shares of Chegg in the 4th quarter valued at $2,874,000. Knightsbridge Asset Management LLC bought a new stake in Chegg during the 4th quarter worth about $2,055,000. Arrowstreet Capital Limited Partnership lifted its position in Chegg by 247.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,464,022 shares of the technology company’s stock valued at $2,357,000 after purchasing an additional 1,042,136 shares during the period. Quinn Opportunity Partners LLC boosted its stake in shares of Chegg by 48.6% in the 4th quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company’s stock valued at $4,637,000 after purchasing an additional 941,410 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of Chegg by 35.7% during the 4th quarter. Millennium Management LLC now owns 1,874,158 shares of the technology company’s stock worth $3,017,000 after buying an additional 492,902 shares during the period. Institutional investors own 95.18% of the company’s stock.

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.