Chegg’s (CHGG) Hold Rating Reaffirmed at Craig Hallum

Chegg (NYSE:CHGG)‘s stock had its “hold” rating reiterated by equities research analysts at Craig Hallum in a research note issued to investors on Tuesday, MarketBeat.com reports. They currently have a $7.00 price objective on the technology company’s stock, down from their previous price objective of $13.00. Craig Hallum’s target price would suggest a potential downside of 2.37% from the stock’s current price.

Several other brokerages also recently weighed in on CHGG. Morgan Stanley lowered their price target on Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Friday, April 19th. Piper Sandler downgraded Chegg from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. Piper Sandler Companies downgraded Chegg to an “underweight” rating and lowered their price target for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. Jefferies Financial Group downgraded Chegg from a “hold” rating to an “underperform” rating and lowered their price target for the stock from $7.00 to $4.00 in a report on Tuesday. Finally, StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 23rd. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Chegg currently has a consensus rating of “Hold” and an average price target of $7.72.

Chegg Stock Performance

Shares of Chegg stock opened at $7.17 on Tuesday. The firm has a market cap of $728.26 million, a P/E ratio of -44.81, a P/E/G ratio of 1.38 and a beta of 1.26. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.26. Chegg has a 12 month low of $6.63 and a 12 month high of $17.92. The stock’s fifty day moving average price is $7.74 and its 200-day moving average price is $9.08.

Chegg (NYSE:CHGG) last issued its quarterly earnings data 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 company had revenue of $187.99 million for the quarter, compared to the consensus estimate of $185.94 million. During the same quarter last year, the company earned $0.16 earnings per share. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. On average, equities research analysts expect that Chegg will post 0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC purchased a new stake in shares of Chegg during the first quarter worth approximately $30,000. Headlands Technologies LLC acquired a new stake in Chegg during the 4th quarter worth $48,000. Quest Partners LLC purchased a new stake in shares of Chegg during the fourth quarter worth $114,000. Moors & Cabot Inc. purchased a new stake in shares of Chegg during the third quarter worth $98,000. Finally, Shell Asset Management Co. grew its holdings in shares of Chegg by 48.8% during the third quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock worth $102,000 after buying an additional 3,748 shares in the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

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.