Craig Hallum Lowers Chegg (NYSE:CHGG) Price Target to $1.50

Chegg (NYSE:CHGG) had its target price reduced by Craig Hallum from $3.00 to $1.50 in a research report report published on Wednesday morning,Benzinga reports. Craig Hallum currently has a hold rating on the technology company’s stock.

Several other research analysts also recently issued reports on CHGG. Piper Sandler dropped their target price on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Northland Securities lowered their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday. StockNews.com lowered Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Morgan Stanley lowered their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Wednesday. Three research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.69.

Chegg Stock Up 0.6 %

CHGG stock opened at $1.72 on Wednesday. The business has a 50 day moving average of $1.70 and a 200 day moving average of $2.68. The firm has a market cap of $179.41 million, a PE ratio of -0.22, a price-to-earnings-growth ratio of 0.56 and a beta of 1.32. Chegg has a twelve month low of $1.34 and a twelve month high of $11.48. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share 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 positive return on equity of 2.36% and a negative net margin of 124.05%. The company’s revenue was down 13.5% on a year-over-year basis. During the same period last year, the company earned ($0.07) earnings per share. On average, research analysts forecast that Chegg will post 0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Chegg

A number of large investors have recently made changes to their positions in the company. Gladius Capital Management LP purchased a new position in shares of Chegg in the second quarter worth approximately $27,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Chegg during the 1st quarter worth $30,000. Adero Partners LLC bought a new stake in shares of Chegg during the 2nd quarter valued at $34,000. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Chegg by 272.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after purchasing an additional 18,320 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in Chegg in the 3rd quarter worth $56,000. 95.18% of the stock is currently owned by institutional investors.

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.