Craig Hallum Cuts Chegg (NYSE:CHGG) Price Target to $3.00

Chegg (NYSE:CHGG) had its target price cut by Craig Hallum from $7.00 to $3.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a hold rating on the technology company’s stock.

A number of other analysts have also commented on CHGG. Morgan Stanley cut 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. Jefferies Financial Group lowered Chegg from a hold rating to an underperform rating and cut their price target for the company from $7.00 to $4.00 in a report on Tuesday, April 30th. StockNews.com lowered Chegg from a buy rating to a hold rating in a report on Tuesday. Needham & Company LLC reiterated a hold rating on shares of Chegg in a report on Tuesday. Finally, Piper Sandler dropped their target price on Chegg from $6.00 to $2.00 and set an underweight rating on the stock in a report on Tuesday. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, Chegg currently has an average rating of Hold and an average price target of $5.47.

Chegg Trading Down 7.1 %

NYSE:CHGG traded down $0.16 on Wednesday, reaching $2.10. The company’s stock had a trading volume of 4,148,940 shares, compared to its average volume of 3,516,990. Chegg has a 1-year low of $2.09 and a 1-year high of $11.48. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $214.66 million, a PE ratio of -11.05, a PEG ratio of 0.56 and a beta of 1.35. The business’s 50-day moving average price is $3.09 and its two-hundred day moving average price is $5.77.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. The company had revenue of $163.10 million for the quarter, compared to analyst estimates of $160.02 million. Chegg had a return on equity of 0.87% and a net margin of 2.07%. The company’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.01 earnings per share. Equities research analysts anticipate that Chegg will post 0.28 earnings per share for the current fiscal year.

Institutional Trading of Chegg

Several institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC raised its stake in Chegg by 44.5% in the second quarter. Renaissance Technologies LLC now owns 682,200 shares of the technology company’s stock valued at $2,156,000 after buying an additional 210,191 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Chegg by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after purchasing an additional 433,709 shares during the last quarter. American Century Companies Inc. grew its position in shares of Chegg by 11.2% in the second quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock valued at $377,000 after purchasing an additional 11,992 shares during the last quarter. Headlands Technologies LLC grew its position in shares of Chegg by 6,994.3% in the second quarter. Headlands Technologies LLC now owns 32,563 shares of the technology company’s stock valued at $103,000 after purchasing an additional 32,104 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Chegg by 11,517.3% in the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock valued at $6,807,000 after purchasing an additional 2,136,336 shares during the last quarter. Institutional investors 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.