Chegg (NYSE:CHGG) Stock Passes Below 200-Day Moving Average – Here’s What Happened

Chegg, Inc. (NYSE:CHGG) shares passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.29 and traded as low as $0.90. Chegg shares last traded at $0.9425, with a volume of 2,128,343 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CHGG shares. Zacks Research upgraded shares of Chegg from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $1.13.

Chegg Stock Up 4.0%

The firm has a fifty day moving average of $1.05 and a 200-day moving average of $1.29. The stock has a market capitalization of $102.99 million, a price-to-earnings ratio of -1.31 and a beta of 1.99.

Institutional Trading of Chegg

Several institutional investors and hedge funds have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership raised its position in shares of Chegg by 158.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,756,917 shares of the technology company’s stock valued at $4,546,000 after buying an additional 2,305,872 shares during the last quarter. AQR Capital Management LLC raised its holdings in Chegg by 95.9% in the 1st quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock valued at $1,925,000 after acquiring an additional 1,474,640 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Chegg by 78.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,670,399 shares of the technology company’s stock worth $1,068,000 after purchasing an additional 736,239 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Chegg by 227.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 930,177 shares of the technology company’s stock worth $1,405,000 after purchasing an additional 645,874 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Chegg by 11.2% in the first quarter. Acadian Asset Management LLC now owns 4,175,681 shares of the technology company’s stock valued at $2,664,000 after purchasing an additional 421,796 shares during the period. 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.