Chegg (NYSE:CHGG) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Chegg (NYSE:CHGG) from a hold rating to a strong-buy rating in a research note published on Tuesday,Zacks.com reports.

A number of other research firms have also recently commented on CHGG. Weiss Ratings reiterated a “sell (e+)” rating on shares of Chegg in a research report on Friday, March 27th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold”.

Chegg Stock Performance

Chegg stock opened at $1.22 on Tuesday. The stock has a market cap of $136.03 million, a PE ratio of -1.54 and a beta of 2.12. Chegg has a one year low of $0.45 and a one year high of $1.90. The stock has a fifty day moving average of $0.87 and a 200 day moving average of $0.86.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Wednesday, May 6th. The technology company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.06. The company had revenue of $63.26 million during the quarter, compared to analysts’ expectations of $60.95 million. Chegg had a negative return on equity of 6.73% and a negative net margin of 26.89%. As a group, sell-side analysts predict that Chegg will post -0.22 EPS for the current fiscal year.

Institutional Trading of Chegg

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE increased its position in Chegg by 12.1% in the first quarter. Bank of America Corp DE now owns 119,544 shares of the technology company’s stock worth $89,000 after buying an additional 12,923 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Chegg by 0.3% during the first quarter. Renaissance Technologies LLC now owns 3,346,800 shares of the technology company’s stock worth $2,481,000 after purchasing an additional 10,820 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Chegg by 32.5% during the first quarter. Bank of New York Mellon Corp now owns 230,293 shares of the technology company’s stock worth $171,000 after purchasing an additional 56,531 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Chegg during the fourth quarter worth about $49,000. Finally, Invesco Ltd. grew its position in shares of Chegg by 20.1% during the fourth quarter. Invesco Ltd. now owns 453,140 shares of the technology company’s stock worth $421,000 after purchasing an additional 75,780 shares in the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

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.