Baader Bank Aktiengesellschaft Increases Stock Position in Chegg, Inc. (NYSE:CHGG)

Key Points

• Baader Bank Aktiengesellschaft increased its stake in Chegg, Inc. by 99.6% in the first quarter, holding 600,001 shares valued at approximately $384,000.
• Other institutional investors have also adjusted their positions, with firms like Wealthfront Advisers LLC increasing their stake by 586.4%.
• Analysts generally maintain a consensus "Hold" rating for Chegg, with three analysts rating the stock as a sell and an average target price of $1.70.

Baader Bank Aktiengesellschaft grew its holdings in shares of Chegg, Inc. (NYSE:CHGG - Free Report) by 99.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 600,001 shares of the technology company's stock after buying an additional 299,428 shares during the quarter. Baader Bank Aktiengesellschaft owned 0.57% of Chegg worth $384,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Virtus Fund Advisers LLC bought a new position in Chegg during the 4th quarter valued at about $28,000. ProShare Advisors LLC grew its holdings in Chegg by 51.2% during the 4th quarter. ProShare Advisors LLC now owns 28,360 shares of the technology company's stock valued at $46,000 after purchasing an additional 9,600 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Chegg by 107.5% during the 4th quarter. MetLife Investment Management LLC now owns 36,967 shares of the technology company's stock valued at $60,000 after purchasing an additional 19,153 shares during the last quarter. Cerity Partners LLC grew its holdings in Chegg by 226.6% during the 1st quarter. Cerity Partners LLC now owns 45,208 shares of the technology company's stock valued at $29,000 after purchasing an additional 31,366 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in Chegg by 41.8% during the 4th quarter. Hsbc Holdings PLC now owns 50,206 shares of the technology company's stock valued at $81,000 after purchasing an additional 14,801 shares during the last quarter. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wall Street Zen initiated coverage on shares of Chegg in a report on Thursday, April 17th. They set a "hold" rating on the stock. JPMorgan Chase & Co. restated an "underweight" rating on shares of Chegg in a research note on Tuesday, April 8th. Finally, Needham & Company LLC restated a "hold" rating on shares of Chegg in a research note on Monday, May 12th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $1.70.

Chegg Stock Up 9.1%

Shares of CHGG traded up $0.12 during mid-day trading on Monday, hitting $1.38. The company's stock had a trading volume of 1,186,728 shares, compared to its average volume of 3,340,710. The company's 50-day moving average is $1.35 and its 200-day moving average is $1.09. Chegg, Inc. has a 52-week low of $0.44 and a 52-week high of $2.98. The firm has a market capitalization of $146.53 million, a price-to-earnings ratio of -0.17 and a beta of 1.77. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.34.

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.