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

Chegg, Inc. (NYSE:CHGG) saw unusually large options trading on Tuesday. Investors bought 4,974 call options on the stock. This represents an increase of 164% compared to the average daily volume of 1,881 call options.

Chegg Price Performance

Chegg stock traded down $0.03 during midday trading on Tuesday, hitting $0.93. 1,006,724 shares of the stock were exchanged, compared to its average volume of 3,257,608. Chegg has a 1 year low of $0.44 and a 1 year high of $1.90. The firm has a market cap of $101.19 million, a P/E ratio of -1.29 and a beta of 1.99. The company has a 50 day moving average price of $1.01 and a two-hundred day moving average price of $1.26.

Analyst Ratings Changes

Several research firms have recently weighed in on CHGG. Zacks Research raised Chegg from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Chegg in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, Chegg presently has a consensus rating of “Reduce” and an average price target of $1.13.

Hedge Funds Weigh In On Chegg

Several institutional investors and hedge funds have recently made changes to their positions in CHGG. Arrowstreet Capital Limited Partnership increased its stake 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 worth $4,546,000 after buying an additional 2,305,872 shares during the last quarter. AQR Capital Management LLC grew its holdings in Chegg by 95.9% during the 1st quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock worth $1,925,000 after acquiring an additional 1,474,640 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Chegg by 78.8% in 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 last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Chegg by 227.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 930,177 shares of the technology company’s stock valued at $1,405,000 after purchasing an additional 645,874 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of Chegg by 11.2% during the first quarter. Acadian Asset Management LLC now owns 4,175,681 shares of the technology company’s stock worth $2,664,000 after purchasing an additional 421,796 shares during the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

About Chegg

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.