Chegg (NYSE:CHGG) Receives “Hold” Rating from Needham & Company LLC

Chegg (NYSE:CHGG)‘s stock had its “hold” rating reiterated by equities researchers at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports.

A number of other equities research analysts have also recently weighed in on CHGG. Piper Sandler reduced their price target on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a research report on Tuesday, February 25th. StockNews.com began coverage on shares of Chegg in a research note on Thursday, April 17th. They issued a “hold” rating for the company. JPMorgan Chase & Co. restated an “underweight” rating on shares of Chegg in a research note on Tuesday, April 8th. Finally, Morgan Stanley restated an “underweight” rating and issued a $1.25 price objective (down previously from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $1.70.

Chegg Stock Up 4.5%

Shares of Chegg stock traded up $0.03 during trading on Monday, hitting $0.72. 3,947,134 shares of the stock were exchanged, compared to its average volume of 2,969,323. The stock has a market cap of $75.98 million, a price-to-earnings ratio of -0.09 and a beta of 1.75. The firm’s 50-day moving average price is $0.66 and its 200 day moving average price is $1.34. Chegg has a 12-month low of $0.44 and a 12-month high of $4.84. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Chegg by 7.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,828,028 shares of the technology company’s stock valued at $1,168,000 after buying an additional 133,506 shares in the last quarter. Deutsche Bank AG increased its stake in shares of Chegg by 5.6% during the 1st quarter. Deutsche Bank AG now owns 612,038 shares of the technology company’s stock worth $392,000 after purchasing an additional 32,420 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Chegg by 78.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,670,399 shares of the technology company’s stock worth $1,068,000 after purchasing an additional 736,239 shares in the last quarter. Jefferies Financial Group Inc. increased its stake in shares of Chegg by 382.9% during the 1st quarter. Jefferies Financial Group Inc. now owns 77,269 shares of the technology company’s stock worth $49,000 after purchasing an additional 61,269 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft increased its stake in shares of Chegg by 99.6% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 600,001 shares of the technology company’s stock worth $384,000 after purchasing an additional 299,428 shares in the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

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.