Chegg (NYSE:CHGG) Downgraded by Zacks Research to “Hold”

Zacks Research lowered shares of Chegg (NYSE:CHGG) from a strong-buy rating to a hold rating in a report released on Monday morning,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 analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Chegg currently has a consensus rating of “Reduce”.

Chegg Price Performance

NYSE:CHGG opened at $0.94 on Monday. The company has a 50 day moving average price of $1.15 and a 200-day moving average price of $0.91. Chegg has a 1-year low of $0.45 and a 1-year high of $1.90. The firm 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 released its quarterly earnings results on Wednesday, May 6th. The technology company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.06. Chegg had a negative net margin of 26.89% and a negative return on equity of 6.73%. The company had revenue of $63.26 million for the quarter, compared to analyst estimates of $60.95 million. On average, sell-side analysts anticipate that Chegg will post -0.22 earnings per share for the current fiscal year.

Institutional Trading of Chegg

Large investors have recently added to or reduced their stakes in the stock. Jump Financial LLC acquired a new position in shares of Chegg during the 2nd quarter valued at about $31,000. Qube Research & Technologies Ltd acquired a new stake in shares of Chegg during the 3rd quarter worth approximately $32,000. Hudson Bay Capital Management LP purchased a new position in Chegg in the second quarter worth approximately $36,000. Virtu Financial LLC acquired a new stake in Chegg during the fourth quarter worth $49,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of Chegg by 564.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 34,060 shares of the technology company’s stock valued at $51,000 after purchasing an additional 28,937 shares during the last quarter. 95.18% of the stock is currently 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.