Chegg (NYSE:CHGG) Director Sells $42,390.66 in Stock

Chegg, Inc. (NYSE:CHGG) Director Renee Varni Budig sold 54,347 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $0.78, for a total value of $42,390.66. Following the completion of the transaction, the director directly owned 376,311 shares of the company’s stock, valued at approximately $293,522.58. This trade represents a 12.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chegg Stock Down 1.1%

Shares of CHGG traded down $0.01 during trading hours on Friday, reaching $0.80. 387,159 shares of the company traded hands, compared to its average volume of 1,535,213. The stock has a market capitalization of $88.38 million, a PE ratio of -1.62 and a beta of 2.17. The stock has a fifty day simple moving average of $0.99 and a 200 day simple moving average of $0.91. Chegg, Inc. has a fifty-two week low of $0.45 and a fifty-two week high of $1.90.

Chegg (NYSE:CHGG) last released its earnings results on Thursday, August 6th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. Chegg had a negative net margin of 19.96% and a negative return on equity of 13.38%. The company had revenue of $51.85 million for the quarter, compared to analyst estimates of $49.50 million. Research analysts predict that Chegg, Inc. will post -0.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Weiss Ratings raised shares of Chegg from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, June 23rd. Zacks Research lowered Chegg from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Chegg presently has a consensus rating of “Reduce”.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Chegg in the 2nd quarter worth $2,268,000. Bank of New York Mellon Corp acquired a new stake in Chegg during the second quarter worth about $228,000. Bank of America Corp DE increased its stake in Chegg by 12.1% during the first quarter. Bank of America Corp DE now owns 119,544 shares of the technology company’s stock worth $89,000 after acquiring an additional 12,923 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Chegg in the 3rd quarter worth about $32,000. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Chegg in the 2nd quarter valued at about $36,000. 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.