Chegg (NYSE:CHGG) Share Price Crosses Below 200 Day Moving Average – What’s Next?

Chegg, Inc. (NYSE:CHGG) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.91 and traded as low as $0.8050. Chegg shares last traded at $0.8198, with a volume of 617,254 shares.

Analyst Upgrades and Downgrades

CHGG has been the subject of several analyst reports. Zacks Research lowered Chegg from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Weiss Ratings upgraded Chegg from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, June 23rd. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Chegg has an average rating of “Reduce”.

Chegg Stock Up 2.9%

The stock’s fifty day simple moving average is $0.91 and its 200-day simple moving average is $0.91. The company has a market capitalization of $90.60 million, a PE ratio of -1.66 and a beta of 2.16.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Thursday, August 6th. The technology company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $51.85 million for the quarter, compared to analysts’ expectations of $49.50 million. Chegg had a negative return on equity of 13.38% and a negative net margin of 19.96%. Analysts expect that Chegg, Inc. will post -0.22 EPS for the current year.

Insider Transactions at Chegg

In other Chegg news, Director Renee Varni Budig sold 54,347 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $0.78, for a total transaction of $42,390.66. Following the sale, the director owned 376,311 shares in the company, valued at approximately $293,522.58. This represents a 12.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Qube Research & Technologies Ltd acquired a new position in Chegg in the 3rd quarter valued at $32,000. Jump Financial LLC acquired a new position in Chegg in the second quarter valued at $31,000. Hudson Bay Capital Management LP acquired a new position in Chegg in the second quarter valued at $36,000. BNP Paribas Financial Markets lifted its position in Chegg by 564.8% during the third quarter. BNP Paribas Financial Markets now owns 34,060 shares of the technology company’s stock worth $51,000 after buying an additional 28,937 shares during the period. Finally, Virtu Financial LLC acquired a new stake in Chegg in the 4th quarter worth about $49,000. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.