Chegg Sees Unusually Large Options Volume (CHGG)

Chegg Inc (NYSE:CHGG) was the recipient of some unusual options trading on Tuesday. Stock investors bought 932 call options on the company. This represents an increase of approximately 779% compared to the typical daily volume of 106 call options.

A number of brokerages recently commented on CHGG. Barrington Research reiterated an “outperform” rating and issued a $22.00 target price (up previously from $19.00) on shares of Chegg in a research report on Tuesday. Lake Street Capital upped their target price on Chegg from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Tuesday. JPMorgan Chase & Co. upped their target price on Chegg from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday. First Analysis lowered Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 price objective on the stock. in a research report on Tuesday, October 31st. Finally, BidaskClub upgraded Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, October 31st. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Chegg currently has an average rating of “Buy” and an average target price of $17.09.

In related news, insider Esther Lem sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $17.50, for a total value of $175,000.00. Following the sale, the insider now owns 455,120 shares in the company, valued at $7,964,600. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael A. Osier sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $15.25, for a total value of $3,050,000.00. Following the completion of the sale, the insider now owns 653,061 shares in the company, valued at approximately $9,959,180.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 869,323 shares of company stock worth $14,302,385. 20.40% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. purchased a new position in shares of Chegg during the 2nd quarter valued at approximately $104,000. Great West Life Assurance Co. Can lifted its position in shares of Chegg by 106.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock valued at $108,000 after buying an additional 3,790 shares in the last quarter. Stifel Financial Corp purchased a new position in shares of Chegg during the 2nd quarter valued at approximately $116,000. Amalgamated Bank lifted its position in shares of Chegg by 9.0% during the 2nd quarter. Amalgamated Bank now owns 10,916 shares of the technology company’s stock valued at $134,000 after buying an additional 905 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in shares of Chegg during the 3rd quarter valued at approximately $161,000.

Shares of Chegg (NYSE:CHGG) opened at $18.99 on Thursday. Chegg has a 52-week low of $7.81 and a 52-week high of $19.96. The company has a market capitalization of $2,060.00, a P/E ratio of -90.43, a price-to-earnings-growth ratio of 6.42 and a beta of 1.74.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, February 12th. The technology company reported $0.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.02. Chegg had a negative return on equity of 2.64% and a negative net margin of 7.95%. The business had revenue of $73.51 million for the quarter, compared to analyst estimates of $70.61 million. During the same quarter in the prior year, the firm posted $0.10 EPS. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. analysts forecast that Chegg will post 0.1 earnings per share for the current year.

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Chegg Company Profile

Chegg, Inc is a student-first connected learning platform. The Company helps students study for college admission exams, find the colleges, get grades and test scores while in school, and find internships that allow them to gain skills to help them enter the workforce after college. The Company matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States.

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