Chegg Sees Unusually Large Options Volume (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) saw some unusual options trading activity on Tuesday. Investors purchased 3,099 call options on the company. This represents an increase of approximately 86% compared to the average daily volume of 1,664 call options.

Chegg Stock Performance

Shares of NYSE:CHGG traded up $0.06 on Tuesday, hitting $0.73. The stock had a trading volume of 483,589 shares, compared to its average volume of 1,176,566. The firm’s 50 day moving average price is $0.65 and its 200-day moving average price is $0.96. Chegg has a twelve month low of $0.44 and a twelve month high of $1.90. The company has a market capitalization of $80.20 million, a price-to-earnings ratio of -0.76 and a beta of 1.99.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, February 9th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.18. The business had revenue of $72.66 million during the quarter, compared to analysts’ expectations of $71.00 million. Chegg had a negative net margin of 27.44% and a negative return on equity of 18.30%. As a group, sell-side analysts predict that Chegg will post 0.15 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CHGG. Concurrent Investment Advisors LLC bought a new stake in Chegg during the 4th quarter worth approximately $105,000. Qube Research & Technologies Ltd acquired a new stake in Chegg during the 3rd quarter valued at $32,000. BNP Paribas Financial Markets raised its position in Chegg by 564.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 34,060 shares of the technology company’s stock valued at $51,000 after purchasing an additional 28,937 shares during the last quarter. Allianz Asset Management GmbH bought a new position in Chegg in the 3rd quarter valued at $484,000. Finally, Hudson Bay Capital Management LP acquired a new position in Chegg in the second quarter worth $36,000. Institutional investors own 95.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Tuesday, February 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a research report on Friday. Finally, Zacks Research downgraded Chegg from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Chegg has an average rating of “Reduce”.

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.