Chegg (NYSE:CHGG) Rating Increased to Strong-Buy at Zacks Research

Chegg (NYSE:CHGG) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other analysts also recently issued reports about the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Chegg in a report on Friday, March 27th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Chegg presently has an average rating of “Hold”.

Chegg Stock Performance

CHGG opened at $1.22 on Tuesday. Chegg has a fifty-two week low of $0.45 and a fifty-two week high of $1.90. The firm’s fifty day moving average is $0.87 and its 200 day moving average is $0.86. The stock has a market cap of $136.03 million, a price-to-earnings ratio of -1.54 and a beta of 2.12.

Chegg (NYSE:CHGG) last released its earnings results on Wednesday, May 6th. The technology company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.06. The company had revenue of $63.26 million for the quarter, compared to analysts’ expectations of $60.95 million. Chegg had a negative net margin of 26.89% and a negative return on equity of 6.73%. On average, equities research analysts predict that Chegg will post -0.22 earnings per share for the current year.

Institutional Trading of Chegg

A number of large investors have recently made changes to their positions in the business. Renaissance Technologies LLC increased its holdings in shares of Chegg by 0.3% in the 1st quarter. Renaissance Technologies LLC now owns 3,346,800 shares of the technology company’s stock worth $2,481,000 after buying an additional 10,820 shares during the last quarter. Jefferies Financial Group Inc. grew its holdings in Chegg by 14.2% during the 3rd quarter. Jefferies Financial Group Inc. now owns 88,269 shares of the technology company’s stock valued at $133,000 after purchasing an additional 11,000 shares during the last quarter. Bank of America Corp DE grew its holdings in Chegg by 12.1% during the 1st quarter. Bank of America Corp DE now owns 119,544 shares of the technology company’s stock valued at $89,000 after purchasing an additional 12,923 shares during the last quarter. Cerity Partners LLC grew its holdings in Chegg by 38.4% during the 2nd quarter. Cerity Partners LLC now owns 62,579 shares of the technology company’s stock valued at $76,000 after purchasing an additional 17,371 shares during the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in Chegg during the 3rd quarter valued at about $32,000. 95.18% of the stock is currently owned by institutional investors.

Chegg Company Profile

Chegg, Inc (NYSE: CHGG) is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.

The company’s core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.