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 increased its position in Chegg, Inc. (NYSE:CHGG - Free Report) by 99.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 600,001 shares of the technology company's stock after acquiring an additional 299,428 shares during the period. Baader Bank Aktiengesellschaft owned about 0.57% of Chegg worth $384,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. ProShare Advisors LLC increased its holdings in Chegg by 51.2% during the fourth quarter. ProShare Advisors LLC now owns 28,360 shares of the technology company's stock valued at $46,000 after buying an additional 9,600 shares during the last quarter. Hsbc Holdings PLC boosted its position in shares of Chegg by 41.8% in the fourth quarter. Hsbc Holdings PLC now owns 50,206 shares of the technology company's stock worth $81,000 after purchasing an additional 14,801 shares during the period. Virtus Fund Advisers LLC bought a new position in shares of Chegg during the fourth quarter worth $28,000. MetLife Investment Management LLC boosted its position in shares of Chegg by 107.5% during the fourth quarter. MetLife Investment Management LLC now owns 36,967 shares of the technology company's stock worth $60,000 after acquiring an additional 19,153 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its position in Chegg by 1.1% during the fourth quarter. Two Sigma Advisers LP now owns 2,088,900 shares of the technology company's stock valued at $3,363,000 after purchasing an additional 22,100 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 research analysts have recently weighed in on the stock. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Chegg in a research note on Tuesday, April 8th. Needham & Company LLC reissued a "hold" rating on shares of Chegg in a report on Monday, May 12th. Finally, Wall Street Zen assumed coverage on shares of Chegg in a research report on Thursday, April 17th. They issued a "hold" rating on the stock. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $1.70.

Chegg Trading Down 1.5%

Shares of Chegg stock traded down $0.02 on Friday, reaching $1.29. The company had a trading volume of 2,005,420 shares, compared to its average volume of 2,462,206. Chegg, Inc. has a 52-week low of $0.44 and a 52-week high of $3.08. The firm's 50 day moving average price is $1.35 and its two-hundred day moving average price is $1.10. The firm has a market cap of $137.48 million, a PE ratio of -0.16 and a beta of 1.77. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.23 and a current ratio of 1.23.

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.