Brokerages Set Chegg, Inc. (NYSE:CHGG) PT at $1.70

Key Points

• Chegg, Inc. has received a consensus rating of "Reduce" from eight brokerages, with three analysts recommending a sell, four a hold, and one a strong buy.
• The average 1-year price objective for Chegg stock among analysts is $1.70, while the stock opened at $1.2850 on Tuesday.
• Institutional investors own 95.18% of Chegg's stock, with several hedge funds increasing their stakes significantly in recent quarters.

Shares of Chegg, Inc. (NYSE:CHGG - Get Free Report) have received an average recommendation of "Reduce" from the eight brokerages that are covering the firm, MarketBeat reports. Three analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $1.70.

A number of research firms recently issued reports on CHGG. Needham & Company LLC reaffirmed a "hold" rating on shares of Chegg in a research note on Monday, May 12th. Zacks Research upgraded shares of Chegg from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 13th.

Institutional Trading of Chegg

A number of institutional investors have recently bought and sold shares of the stock. State of Wyoming boosted its stake in Chegg by 49.8% in the 2nd quarter. State of Wyoming now owns 112,885 shares of the technology company's stock worth $137,000 after purchasing an additional 37,520 shares in the last quarter. Hudson Bay Capital Management LP acquired a new stake in Chegg in the 2nd quarter worth approximately $36,000. Tower Research Capital LLC TRC raised its position in Chegg by 365.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 79,497 shares of the technology company's stock worth $96,000 after buying an additional 62,433 shares during the last quarter. Brevan Howard Capital Management LP purchased a new position in Chegg during the 2nd quarter worth approximately $234,000. Finally, Cerity Partners LLC raised its position in Chegg by 38.4% during the 2nd quarter. Cerity Partners LLC now owns 62,579 shares of the technology company's stock worth $76,000 after buying an additional 17,371 shares during the last quarter. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Chegg Stock Down 0.4%

Chegg stock traded down $0.01 during mid-day trading on Tuesday, reaching $1.41. 1,229,604 shares of the company's stock traded hands, compared to its average volume of 3,253,139. The company has a market cap of $152.20 million, a price-to-earnings ratio of -0.54 and a beta of 1.77. The stock has a 50 day moving average of $1.32 and a two-hundred day moving average of $1.06. Chegg has a 12-month low of $0.44 and a 12-month high of $2.73.

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.