StockNews.com Initiates Coverage on Chegg (NYSE:CHGG)

StockNews.com began coverage on shares of Chegg (NYSE:CHGG - Get Free Report) in a research report issued to clients and investors on Thursday. The brokerage set a "hold" rating on the technology company's stock.

Several other equities analysts have also recently issued reports on the company. Needham & Company LLC reiterated a "hold" rating on shares of Chegg in a research report on Tuesday, February 25th. Piper Sandler cut their price target on shares of Chegg from $1.50 to $1.00 and set an "underweight" rating for the company in a report on Tuesday, February 25th. Morgan Stanley reaffirmed an "underweight" rating and issued a $1.25 price objective (down previously from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. reissued an "underweight" rating on shares of Chegg in a research note on Tuesday, April 8th. Four analysts have rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $2.08.

Chegg Price Performance

Shares of NYSE:CHGG traded up $0.03 during trading on Thursday, reaching $0.57. The company had a trading volume of 1,453,911 shares, compared to its average volume of 3,821,054. The firm's fifty day moving average is $0.81 and its 200 day moving average is $1.42. 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 firm has a market capitalization of $59.81 million, a PE ratio of -0.07 and a beta of 1.81. Chegg has a twelve month low of $0.44 and a twelve month high of $7.22.

Hedge Funds Weigh In On Chegg

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caprock Group LLC acquired a new position in Chegg in the 4th quarter valued at approximately $28,000. Pallas Capital Advisors LLC lifted its position in Chegg by 60.5% during the 4th quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company's stock worth $28,000 after acquiring an additional 6,658 shares during the last quarter. Virtus Fund Advisers LLC acquired a new position in shares of Chegg during the 4th quarter worth about $28,000. Ieq Capital LLC bought a new stake in shares of Chegg in the fourth quarter valued at approximately $31,000. Finally, ProShare Advisors LLC grew its position in Chegg by 51.2% in the 4th quarter. ProShare Advisors LLC now owns 28,360 shares of the technology company's stock worth $46,000 after purchasing an additional 9,600 shares during the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Chegg Company 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.