Renaissance Technologies LLC Raises Holdings in Chegg, Inc. (NYSE:CHGG)

Renaissance Technologies LLC increased its stake in Chegg, Inc. (NYSE:CHGG - Free Report) by 29.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,826,100 shares of the technology company's stock after purchasing an additional 417,000 shares during the period. Renaissance Technologies LLC owned 1.75% of Chegg worth $2,940,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Caprock Group LLC acquired a new stake in Chegg in the 4th quarter valued at about $28,000. Pallas Capital Advisors LLC increased its holdings in Chegg by 60.5% in the fourth quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company's stock worth $28,000 after buying an additional 6,658 shares during the last quarter. Ieq Capital LLC acquired a new position in Chegg during the fourth quarter valued at approximately $31,000. Intech Investment Management LLC grew its holdings in Chegg by 30.1% during the fourth quarter. Intech Investment Management LLC now owns 41,164 shares of the technology company's stock valued at $66,000 after purchasing an additional 9,514 shares during the last quarter. Finally, Private Advisor Group LLC acquired a new stake in shares of Chegg in the fourth quarter worth $82,000. Institutional investors own 95.18% of the company's stock.

Analyst Ratings Changes

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

Chegg Price Performance

Shares of Chegg stock traded down $0.02 on Tuesday, hitting $0.63. 107,785 shares of the company traded hands, compared to its average volume of 3,798,059. The company has a market cap of $66.60 million, a P/E ratio of -0.08 and a beta of 1.81. The firm's 50-day simple moving average is $0.74 and its 200 day simple moving average is $1.40. Chegg, Inc. has a 12-month low of $0.44 and a 12-month high of $7.22. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg Profile

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.