Insider Selling: Chegg (NYSE:CHGG) Director Sells $42,390.66 in Stock

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

Chegg Trading Up 0.6%

CHGG opened at $0.79 on Monday. Chegg, Inc. has a 12 month low of $0.45 and a 12 month high of $1.90. The company has a market cap of $88.05 million, a PE ratio of -1.62 and a beta of 2.17. The company has a 50 day moving average of $0.98 and a 200 day moving average of $0.91.

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

Institutional Trading of Chegg

Institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC grew its position 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 raised its position in shares of 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 in the last quarter. Strs Ohio purchased a new stake in shares of Chegg in the first quarter worth $56,000. Arrowstreet Capital Limited Partnership boosted its stake in Chegg by 158.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 3,756,917 shares of the technology company’s stock valued at $4,546,000 after buying an additional 2,305,872 shares during the period. Finally, Jump Financial LLC bought a new stake in Chegg during the second quarter valued at $31,000. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Zacks Research cut Chegg from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Weiss Ratings raised Chegg from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

About Chegg

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.