Zacks Research Downgrades Chegg (NYSE:CHGG) to Hold

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

Separately, Weiss Ratings upgraded Chegg from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce”.

Chegg Stock Down 5.0%

Shares of NYSE:CHGG opened at $0.94 on Monday. The stock has a market cap of $104.68 million, a PE ratio of -1.18 and a beta of 2.18. The company’s fifty day moving average is $1.15 and its 200 day moving average is $0.91. Chegg has a 52 week low of $0.45 and a 52 week high of $1.90.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Wednesday, May 6th. The technology company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.06. Chegg had a negative return on equity of 6.73% and a negative net margin of 26.89%.The firm had revenue of $63.26 million for the quarter, compared to the consensus estimate of $60.95 million. Sell-side analysts anticipate that Chegg will post -0.22 EPS for the current year.

Institutional Investors Weigh In On Chegg

Several institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC boosted its stake in shares of Chegg by 95.9% during the 1st quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock valued at $1,925,000 after purchasing an additional 1,474,640 shares in the last quarter. Empowered Funds LLC lifted its holdings in Chegg by 8.5% in the first quarter. Empowered Funds LLC now owns 424,563 shares of the technology company’s stock worth $271,000 after buying an additional 33,269 shares during the period. Strs Ohio bought a new stake in Chegg during the 1st quarter valued at approximately $56,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Chegg by 158.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,756,917 shares of the technology company’s stock worth $4,546,000 after acquiring an additional 2,305,872 shares during the period. Finally, Jump Financial LLC purchased a new position in shares of Chegg during the 2nd quarter worth approximately $31,000. 95.18% of the stock is owned by hedge funds and other 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.