Chegg, Inc. (NYSE:CHGG) Short Interest Update

Chegg, Inc. (NYSE:CHGG) saw a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 9,930,000 shares, a decrease of 7.0% from the November 15th total of 10,680,000 shares. Based on an average daily volume of 4,120,000 shares, the days-to-cover ratio is currently 2.4 days. Currently, 10.1% of the company’s shares are short sold.

Chegg Stock Down 5.2 %

NYSE CHGG traded down $0.12 during mid-day trading on Tuesday, hitting $2.20. The company’s stock had a trading volume of 2,972,791 shares, compared to its average volume of 3,686,138. The firm has a market capitalization of $229.48 million, a price-to-earnings ratio of -0.27 and a beta of 1.36. The company’s 50 day simple moving average is $1.89 and its 200 day simple moving average is $2.34. 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 twelve month low of $1.34 and a twelve month high of $11.48.

Chegg (NYSE:CHGG) last posted its earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping the consensus estimate 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 company had revenue of $136.59 million during the quarter, compared to the consensus estimate of $134.12 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. The firm’s revenue for the quarter was down 13.5% on a year-over-year basis. Analysts anticipate that Chegg will post 0.12 earnings per share for the current year.

Institutional Trading of Chegg

Institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC boosted its position in shares of Chegg by 158.4% during the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after buying an additional 1,361,710 shares during the last quarter. XTX Topco Ltd boosted its holdings in Chegg by 384.4% during the 3rd quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock worth $698,000 after acquiring an additional 312,780 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Chegg by 284.9% in the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after acquiring an additional 2,130,998 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Chegg by 242.5% in the third quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company’s stock valued at $189,000 after purchasing an additional 75,751 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Chegg by 14.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 911,333 shares of the technology company’s stock valued at $1,613,000 after buying an additional 118,403 shares during the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on CHGG. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Craig Hallum dropped their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. The Goldman Sachs Group cut their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Northland Securities lowered their target price on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Finally, Piper Sandler cut their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Thursday, November 14th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $4.69.

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.