Chegg (NYSE:CHGG) Downgraded to “Hold” Rating by Zacks Research

Chegg (NYSE:CHGG) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Strong Sell” and a consensus target price of $1.00.

Chegg Trading Down 6.2%

Chegg stock opened at $0.86 on Monday. Chegg has a 52 week low of $0.44 and a 52 week high of $1.90. The stock has a market cap of $94.30 million, a price-to-earnings ratio of -1.20 and a beta of 1.95. The company’s 50-day moving average price is $0.95 and its two-hundred day moving average price is $1.23.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CHGG. Jacobs Levy Equity Management Inc. lifted its position in shares of Chegg by 227.2% during 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 acquiring an additional 645,874 shares during the last quarter. Voleon Capital Management LP acquired a new stake in shares of Chegg during the third quarter worth $268,000. Qube Research & Technologies Ltd purchased a new stake in shares of Chegg during the third quarter valued at $32,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Chegg by 563.8% during the third quarter. Public Employees Retirement System of Ohio now owns 75,104 shares of the technology company’s stock valued at $113,000 after purchasing an additional 63,790 shares during the last quarter. Finally, Centiva Capital LP acquired a new position in shares of Chegg in the 3rd quarter valued at $128,000. Institutional investors and hedge funds 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.