Arrowstreet Capital Limited Partnership Has $1.18 Million Position in Chegg, Inc. $CHGG

Key Points

• Arrowstreet Capital cut its Chegg stake by 42.3% in the first quarter, selling 1,169,860 shares. It still held 1,594,392 shares worth approximately $1.18 million, representing a 1.42% ownership interest.
• Analyst sentiment remains negative: Chegg has an average “Reduce” rating, with two analysts at “Hold” and one at “Sell.” Zacks Research also downgraded the stock from “Strong Buy” to “Hold.”
• Chegg shares opened at $0.86, while the company remains unprofitable despite beating quarterly estimates with an adjusted loss of $0.02 per share and revenue of $51.85 million. Analysts expect a full-year loss of $0.22 per share.

Arrowstreet Capital Limited Partnership trimmed its holdings in shares of Chegg, Inc. (NYSE:CHGG - Free Report) by 42.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,594,392 shares of the technology company's stock after selling 1,169,860 shares during the period. Arrowstreet Capital Limited Partnership owned about 1.42% of Chegg worth $1,182,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CHGG. Jump Financial LLC bought a new stake in Chegg during the second quarter worth about $31,000. Qube Research & Technologies Ltd acquired a new position in shares of Chegg during the 3rd quarter worth approximately $32,000. Hudson Bay Capital Management LP bought a new stake in shares of Chegg during the 2nd quarter worth approximately $36,000. Virtu Financial LLC acquired a new stake in shares of Chegg in the 4th quarter valued at approximately $49,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Chegg by 564.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 34,060 shares of the technology company's stock valued at $51,000 after buying an additional 28,937 shares during the last quarter. Institutional investors own 95.18% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on CHGG. Zacks Research cut shares of Chegg from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Weiss Ratings raised shares of Chegg from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce".

Chegg Price Performance

NYSE:CHGG opened at $0.86 on Friday. Chegg, Inc. has a one year low of $0.45 and a one year high of $1.90. The company has a market cap of $96.06 million, a P/E ratio of -1.09 and a beta of 2.17. The firm's fifty day moving average price is $1.03 and its two-hundred day moving average price is $0.91.

Chegg (NYSE:CHGG - Get Free Report) last posted its earnings results on Thursday, August 6th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $51.85 million during the quarter, compared to analysts' expectations of $49.50 million. Chegg had a negative net margin of 26.89% and a negative return on equity of 6.73%. As a group, equities research analysts expect that Chegg, Inc. will post -0.22 earnings per share for the current year.

About Chegg

Chegg, Inc NYSE: CHGG is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.

The company's core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.

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