Chegg’s (CHGG) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Chegg (NYSE:CHGG) in a research note released on Wednesday morning,Benzinga reports.

A number of other brokerages have also weighed in on CHGG. Piper Sandler decreased their target price on Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Morgan Stanley cut their price target on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. Northland Securities decreased their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday. Finally, Craig Hallum dropped their price objective on shares of Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $4.69.

Chegg Price Performance

CHGG stock opened at $1.72 on Wednesday. The firm has a 50 day moving average of $1.70 and a 200-day moving average of $2.70. The firm has a market capitalization of $178.89 million, a P/E ratio of -0.21, a price-to-earnings-growth ratio of 0.56 and a beta of 1.32. Chegg has a 12 month low of $1.34 and a 12 month high of $11.48. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last announced its quarterly earnings results 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 during 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 business’s quarterly revenue was down 13.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.07) EPS. As a group, sell-side analysts predict that Chegg will post 0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Gladius Capital Management LP bought a new stake in Chegg in the second quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC bought a new stake in Chegg during the 1st quarter valued at $30,000. Adero Partners LLC bought a new stake in Chegg during the 2nd quarter valued at $34,000. Point72 Asia Singapore Pte. Ltd. boosted its position in Chegg by 272.2% during the 3rd 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 period. Finally, Intech Investment Management LLC bought a new stake in Chegg in the 3rd quarter worth $56,000. 95.18% of the stock is owned by institutional investors.

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.