Chegg, Inc. (NYSE:CHGG) Receives Average Rating of "Reduce" from Analysts

Key Points

• Analysts have given Chegg, Inc. an average rating of "Reduce", with four brokers recommending a sell and five recommending a hold, indicating caution regarding the stock's future performance.
• The average twelve-month price target for Chegg stock is $1.70, reflecting a potential upside from its current trading price.
• Several large institutional investors have significantly increased their holdings in Chegg, with significant purchases reported in the first and second quarters of the year.

Shares of Chegg, Inc. (NYSE:CHGG - Get Free Report) have received an average recommendation of "Reduce" from the nine brokerages that are covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $1.70.

CHGG has been the topic of a number of recent research reports. Zacks Research lowered Chegg from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Chegg in a research note on Wednesday, October 8th.

Institutional Investors Weigh In On Chegg

A number of large investors have recently modified their holdings of the company. Acadian Asset Management LLC increased its position in shares of Chegg by 11.2% in the 1st quarter. Acadian Asset Management LLC now owns 4,175,681 shares of the technology company's stock valued at $2,664,000 after purchasing an additional 421,796 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Chegg by 158.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,756,917 shares of the technology company's stock valued at $4,546,000 after purchasing an additional 2,305,872 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Chegg by 95.9% in the 1st quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company's stock valued at $1,925,000 after purchasing an additional 1,474,640 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Chegg by 7.9% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,828,028 shares of the technology company's stock valued at $1,168,000 after purchasing an additional 133,506 shares during the last quarter. Finally, 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 valued at $1,068,000 after purchasing an additional 736,239 shares during the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Stock Up 6.2%

Shares of CHGG opened at $1.29 on Wednesday. Chegg has a fifty-two week low of $0.44 and a fifty-two week high of $2.73. The firm's 50 day moving average price is $1.41 and its 200 day moving average price is $1.17. The company has a market cap of $139.20 million, a P/E ratio of -0.49 and a beta of 1.90.

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.

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