Voss Capital LP Makes New $2.87 Million Investment in Chegg, Inc. (NYSE:CHGG)

Voss Capital LP purchased a new position in Chegg, Inc. (NYSE:CHGG - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,785,003 shares of the technology company's stock, valued at approximately $2,874,000. Voss Capital LP owned 1.71% of Chegg at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CHGG. Arrowstreet Capital Limited Partnership increased its position in shares of Chegg by 247.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,464,022 shares of the technology company's stock worth $2,357,000 after purchasing an additional 1,042,136 shares during the last quarter. Quinn Opportunity Partners LLC raised its position in shares of Chegg by 48.6% during the 4th quarter. Quinn Opportunity Partners LLC now owns 2,879,937 shares of the technology company's stock valued at $4,637,000 after buying an additional 941,410 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Chegg by 29.6% during the 4th quarter. Renaissance Technologies LLC now owns 1,826,100 shares of the technology company's stock worth $2,940,000 after acquiring an additional 417,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Chegg by 20.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,694,522 shares of the technology company's stock worth $2,728,000 after acquiring an additional 291,902 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Chegg by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company's stock valued at $15,722,000 after acquiring an additional 180,258 shares during the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Chegg Trading Up 2.6 %

CHGG stock traded up $0.02 on Friday, reaching $0.64. The company's stock had a trading volume of 983,633 shares, compared to its average volume of 3,814,633. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The business has a fifty day simple moving average of $0.76 and a two-hundred day simple moving average of $1.40. The firm has a market cap of $67.27 million, a PE ratio of -0.08 and a beta of 1.81. Chegg, Inc. has a 12-month low of $0.44 and a 12-month high of $7.22.

Analyst Upgrades and Downgrades

CHGG has been the subject of a number of research reports. JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Chegg in a report on Tuesday, April 8th. Needham & Company LLC reiterated a "hold" rating on shares of Chegg in a research report on Tuesday, February 25th. Morgan Stanley restated an "underweight" rating and issued a $1.25 price objective (down from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Piper Sandler reduced their target price on shares of Chegg from $1.50 to $1.00 and set an "underweight" rating on the stock in a report on Tuesday, February 25th. Finally, StockNews.com assumed coverage on shares of Chegg in a research note on Thursday, April 17th. They issued a "hold" rating for the company. Four equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $2.08.

About Chegg

Chegg, Inc operates a direct-to-student learning platform that helps learners build essential life and job skills to accelerate their path from learning programs in the United States and internationally. Its subscription services include Chegg Study, which offers personalized step-by-step learning support from AI, computational engines, and subject matter experts, as well as Tinger Gold and DashPash Student services; Chegg Writing that provides students with a suite of tools, such as plagiarism detection scans, grammar and writing fluency checking, expert personalized writing feedback, and premium citation generation; Chegg Math, a step-by-step math problem solver and calculator that helps students to solve problems; Chegg Study Pack, a bundle of various subscription product offerings, including Chegg Study, Chegg Writing, and Chegg Math services; and Busuu, an online language learning platform that offers comprehensive support through self-paced lessons, live classes with expert tutors, and a community of members to practice alongside.