Chegg (NYSE:CHGG) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research has downgraded Chegg's stock rating from a "strong-buy" to a "hold" following a research report issued to investors.
• Weiss Ratings reaffirmed a "sell" rating on Chegg, with the stock currently holding an average consensus rating of "Reduce" and a price target of $1.70.
• Chegg shares opened at $1.41 with a market cap of approximately $152.20 million, having experienced a one-year low of $0.44 and a high of $2.73.

Chegg (NYSE:CHGG - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Chegg in a report on Saturday, September 27th. Five analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $1.70.

Chegg Price Performance

Shares of Chegg stock opened at $1.41 on Monday. The stock has a market cap of $152.20 million, a price-to-earnings ratio of -0.54 and a beta of 1.90. The firm's 50-day moving average is $1.41 and its 200 day moving average is $1.15. Chegg has a 1 year low of $0.44 and a 1 year high of $2.73.

Hedge Funds Weigh In On Chegg

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

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