Chegg Target of Unusually High Options Trading (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) saw unusually large options trading on Wednesday. Stock traders purchased 3,311 call options on the stock. This represents an increase of approximately 58% compared to the typical daily volume of 2,101 call options.

Institutional Investors Weigh In On Chegg

Institutional investors have recently modified their holdings of the company. Qube Research & Technologies Ltd purchased a new stake in shares of Chegg during the 3rd quarter worth approximately $32,000. Jump Financial LLC purchased a new stake in shares of Chegg during the 2nd quarter worth approximately $31,000. Burford Brothers Inc. boosted its stake in shares of Chegg by 86.2% during the 3rd quarter. Burford Brothers Inc. now owns 25,798 shares of the technology company’s stock worth $39,000 after acquiring an additional 11,944 shares in the last quarter. Hudson Bay Capital Management LP purchased a new stake in shares of Chegg during the 2nd quarter worth approximately $36,000. Finally, BNP Paribas Financial Markets boosted its stake in shares of Chegg by 564.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 34,060 shares of the technology company’s stock worth $51,000 after acquiring an additional 28,937 shares in the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Trading Up 4.1%

NYSE CHGG opened at $1.14 on Friday. The business’s 50 day moving average is $0.68 and its two-hundred day moving average is $0.91. Chegg has a 12-month low of $0.45 and a 12-month high of $1.90. The stock has a market capitalization of $124.02 million, a price-to-earnings ratio of -1.18 and a beta of 1.86.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, February 9th. The technology company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.18. The business had revenue of $72.66 million for the quarter, compared to analyst estimates of $71.00 million. Chegg had a negative return on equity of 18.30% and a negative net margin of 27.44%. Equities analysts forecast that Chegg will post 0.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on CHGG shares. Zacks Research cut Chegg from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Tuesday, February 10th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Chegg in a research report on Friday, March 27th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce”.

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.