Investors Purchase Large Volume of Chegg Call Options (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) saw unusually large options trading on Tuesday. Stock investors bought 23,492 call options on the company. This represents an increase of approximately 778% compared to the typical daily volume of 2,677 call options.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CHGG. Arrowstreet Capital Limited Partnership raised 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 worth $4,546,000 after acquiring an additional 2,305,872 shares during the period. AQR Capital Management LLC boosted its stake in Chegg by 95.9% in the first quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock valued at $1,925,000 after acquiring an additional 1,474,640 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Chegg by 23.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,844,804 shares of the technology company’s stock valued at $4,506,000 after purchasing an additional 907,080 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Chegg by 227.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 930,177 shares of the technology company’s stock worth $1,405,000 after purchasing an additional 645,874 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Chegg by 9.2% during the 4th quarter. Renaissance Technologies LLC now owns 3,335,980 shares of the technology company’s stock worth $3,102,000 after purchasing an additional 279,890 shares during the period. 95.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CHGG shares. Zacks Research raised shares of Chegg from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Weiss Ratings raised shares of Chegg from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, June 23rd. One research 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 MarketBeat, Chegg has an average rating of “Hold”.

Chegg Price Performance

CHGG traded down $0.05 on Tuesday, reaching $0.94. The company’s stock had a trading volume of 895,356 shares, compared to its average volume of 1,601,435. Chegg has a 1 year low of $0.45 and a 1 year high of $1.90. The business’s 50 day moving average is $1.15 and its 200 day moving average is $0.91. The stock has a market cap of $104.68 million, a price-to-earnings ratio of -1.18 and a beta of 2.18.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Wednesday, May 6th. The technology company reported $0.03 earnings per share (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 company had revenue of $63.26 million for the quarter, compared to the consensus estimate of $60.95 million. As a group, research analysts forecast that Chegg will post -0.22 earnings per share for the current fiscal year.

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.