Virtus Investment Advisers Inc. Makes New Investment in Chegg, Inc. (NYSE:CHGG)

Virtus Investment Advisers Inc. acquired a new stake in Chegg, Inc. (NYSE:CHGG) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 297,584 shares of the technology company’s stock, valued at approximately $479,000. Virtus Investment Advisers Inc. owned approximately 0.29% of Chegg at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in Chegg by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company’s stock worth $15,722,000 after buying an additional 180,258 shares during the last quarter. Quinn Opportunity Partners LLC increased its stake in Chegg by 48.6% in the fourth quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company’s stock valued at $4,637,000 after acquiring an additional 941,410 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Chegg by 6.8% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 2,307,264 shares of the technology company’s stock valued at $3,715,000 after buying an additional 147,441 shares in the last quarter. Two Sigma Investments LP raised its stake in Chegg by 8.2% during the fourth quarter. Two Sigma Investments LP now owns 2,254,234 shares of the technology company’s stock worth $3,629,000 after acquiring an additional 170,077 shares in the last quarter. Finally, Two Sigma Advisers LP raised its stake in Chegg by 1.1% during the fourth quarter. Two Sigma Advisers LP now owns 2,088,900 shares of the technology company’s stock worth $3,363,000 after acquiring an additional 22,100 shares in the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CHGG shares. JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Chegg in a research report on Tuesday, April 8th. Piper Sandler dropped their price target on Chegg from $1.50 to $1.00 and set an “underweight” rating for the company in a research note on Tuesday, February 25th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Monday, May 12th. Finally, StockNews.com began coverage on Chegg in a research report on Thursday, April 17th. They issued a “hold” rating for the company. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $1.70.

Chegg Price Performance

Shares of CHGG opened at $0.90 on Monday. The firm has a market cap of $95.59 million, a PE ratio of -0.11 and a beta of 1.75. Chegg, Inc. has a 52-week low of $0.44 and a 52-week high of $4.39. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The business’s 50 day moving average price is $0.65 and its two-hundred day moving average price is $1.31.

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.