Chegg (NYSE:CHGG) Director Renee Varni Budig Sells 54,347 Shares

Chegg, Inc. (NYSE:CHGG) Director Renee Varni Budig sold 54,347 shares of Chegg stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $0.78, for a total transaction of $42,390.66. Following the sale, the director directly owned 376,311 shares of the company’s stock, valued at $293,522.58. This represents a 12.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chegg Stock Down 1.5%

CHGG stock opened at $0.79 on Friday. Chegg, Inc. has a twelve month low of $0.45 and a twelve month high of $1.90. The company has a market cap of $88.05 million, a P/E ratio of -1.62 and a beta of 2.17. The business’s fifty day moving average is $0.98 and its 200-day moving average is $0.91.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Thursday, August 6th. The technology company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $51.85 million during the quarter, compared to analysts’ expectations of $49.50 million. Chegg had a negative return on equity of 13.38% and a negative net margin of 19.96%. Research analysts anticipate that Chegg, Inc. will post -0.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on CHGG. Weiss Ratings raised Chegg from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, June 23rd. Zacks Research downgraded shares of Chegg from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Reduce”.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC boosted its holdings in shares of Chegg by 2.6% in the first quarter. Empowered Funds LLC now owns 377,353 shares of the technology company’s stock valued at $280,000 after buying an additional 9,549 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Chegg by 0.3% during the first quarter. Renaissance Technologies LLC now owns 3,346,800 shares of the technology company’s stock worth $2,481,000 after acquiring an additional 10,820 shares during the period. Jefferies Financial Group Inc. raised its holdings in shares of Chegg by 14.2% during the third quarter. Jefferies Financial Group Inc. now owns 88,269 shares of the technology company’s stock worth $133,000 after acquiring an additional 11,000 shares during the period. Bank of America Corp DE lifted its position in Chegg by 12.1% in the 1st quarter. Bank of America Corp DE now owns 119,544 shares of the technology company’s stock valued at $89,000 after acquiring an additional 12,923 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in Chegg by 38.4% in the 2nd quarter. Cerity Partners LLC now owns 62,579 shares of the technology company’s stock valued at $76,000 after acquiring an additional 17,371 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

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.