Chegg (NYSE:CHGG) Stock Price Down 2.7% After Analyst Downgrade

Chegg, Inc. (NYSE:CHGG)’s stock price dropped 2.7% during mid-day trading on Monday after Jefferies Financial Group lowered their price target on the stock from $10.00 to $7.00. Jefferies Financial Group currently has a hold rating on the stock. Chegg traded as low as $6.87 and last traded at $6.91. Approximately 687,488 shares were traded during trading, a decline of 74% from the average daily volume of 2,602,141 shares. The stock had previously closed at $7.10.

CHGG has been the topic of a number of other reports. StockNews.com upgraded shares of Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 23rd. BMO Capital Markets cut their target price on shares of Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 6th. Morgan Stanley dropped their price target on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Friday, April 19th. Piper Sandler lowered shares of Chegg from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 6th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Chegg has a consensus rating of “Hold” and a consensus price target of $9.56.

Institutional Investors Weigh In On Chegg

Several hedge funds have recently modified their holdings of CHGG. SG Americas Securities LLC acquired a new stake in shares of Chegg during the third quarter worth $437,000. Commonwealth Equity Services LLC lifted its holdings in Chegg by 2.6% in the third quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company’s stock valued at $628,000 after acquiring an additional 1,768 shares during the period. Robeco Institutional Asset Management B.V. acquired a new stake in Chegg in the third quarter valued at $1,261,000. Mackenzie Financial Corp acquired a new stake in Chegg in the third quarter valued at $549,000. Finally, Bordeaux Wealth Advisors LLC lifted its holdings in Chegg by 11.4% in the third quarter. Bordeaux Wealth Advisors LLC now owns 54,534 shares of the technology company’s stock valued at $486,000 after acquiring an additional 5,584 shares during the period. 95.18% of the stock is owned by institutional investors and hedge funds.

Chegg Trading Down 0.4 %

The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.26. The business has a fifty day simple moving average of $7.77 and a 200 day simple moving average of $9.09. The company has a market cap of $718.10 million, a price-to-earnings ratio of -43.06, a P/E/G ratio of 1.38 and a beta of 1.26.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The business had revenue of $187.99 million during the quarter, compared to analysts’ expectations of $185.94 million. During the same quarter last year, the business posted $0.16 earnings per share. The business’s revenue for the quarter was down 8.4% on a year-over-year basis. On average, equities analysts anticipate that Chegg, Inc. will post 0.26 EPS for the current fiscal year.

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.