Chegg, Inc. (NYSE:CHGG) Receives Consensus Rating of "Reduce" from Brokerages

Chegg, Inc. (NYSE:CHGG - Get Free Report) has received a consensus recommendation of "Reduce" from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $1.70.

A number of brokerages have recently issued reports on CHGG. Needham & Company LLC reissued a "hold" rating on shares of Chegg in a report on Monday, May 12th. StockNews.com started coverage on shares of Chegg in a report on Thursday, April 17th. They issued a "hold" rating for the company. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Chegg in a report on Tuesday, April 8th. Finally, Piper Sandler lowered their price objective on Chegg from $1.50 to $1.00 and set an "underweight" rating on the stock in a research report on Tuesday, February 25th.

Hedge Funds Weigh In On Chegg

A number of large investors have recently added to or reduced their stakes in CHGG. Caprock Group LLC bought a new position in shares of Chegg during the fourth quarter valued at about $28,000. Empowered Funds LLC boosted its holdings in Chegg by 5.1% during the 4th quarter. Empowered Funds LLC now owns 391,294 shares of the technology company's stock valued at $630,000 after acquiring an additional 18,860 shares during the period. Private Advisor Group LLC bought a new position in Chegg during the 4th quarter worth approximately $82,000. Ieq Capital LLC purchased a new position in Chegg in the 4th quarter worth approximately $31,000. Finally, Bank of New York Mellon Corp increased its stake in Chegg by 15.4% in the 4th quarter. Bank of New York Mellon Corp now owns 437,199 shares of the technology company's stock worth $704,000 after purchasing an additional 58,452 shares during the period. Hedge funds and other institutional investors own 95.18% of the company's stock.

Chegg Stock Performance

Shares of CHGG opened at $0.90 on Friday. Chegg has a 52-week low of $0.44 and a 52-week high of $4.39. The stock's 50-day simple moving average is $0.65 and its 200 day simple moving average is $1.31. 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 stock has a market capitalization of $95.59 million, a price-to-earnings ratio of -0.11 and a beta of 1.75.

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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