Acadian Asset Management LLC Raises Stake in Chegg, Inc. $CHGG

Key Points

• Acadian Asset Management LLC increased its stake in Chegg, Inc. by 11.2% during the 1st quarter, holding approximately 3.92% of the company after acquiring an additional 421,796 shares.
• Zacks Research upgraded Chegg's rating from "hold" to "strong-buy," while the company's stock currently holds an average rating of "Reduce" with a consensus target price of $1.70.
• Chegg's stock is currently trading at $1.41, with a market cap of $152.20 million and a twelve-month high of $2.73.

Acadian Asset Management LLC grew its stake in shares of Chegg, Inc. (NYSE:CHGG - Free Report) by 11.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,175,681 shares of the technology company's stock after buying an additional 421,796 shares during the period. Acadian Asset Management LLC owned approximately 3.92% of Chegg worth $2,664,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CHGG. Ameriprise Financial Inc. lifted its holdings in shares of Chegg by 54.0% during the 4th quarter. Ameriprise Financial Inc. now owns 266,655 shares of the technology company's stock valued at $429,000 after purchasing an additional 93,528 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Chegg by 78.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,670,399 shares of the technology company's stock valued at $1,068,000 after acquiring an additional 736,239 shares in the last quarter. Millennium Management LLC boosted its position in Chegg by 35.7% during the 4th quarter. Millennium Management LLC now owns 1,874,158 shares of the technology company's stock worth $3,017,000 after acquiring an additional 492,902 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Chegg by 51.2% during the 4th quarter. ProShare Advisors LLC now owns 28,360 shares of the technology company's stock worth $46,000 after acquiring an additional 9,600 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Chegg by 54.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 99,256 shares of the technology company's stock worth $160,000 after acquiring an additional 35,100 shares in the last quarter. Institutional investors own 95.18% of the company's stock.

Chegg Stock Down 0.9%

Chegg stock traded down $0.02 during mid-day trading on Friday, reaching $1.67. The company had a trading volume of 5,129,447 shares, compared to its average volume of 4,428,851. The company has a 50 day moving average of $1.39 and a 200-day moving average of $1.09. The firm has a market cap of $180.37 million, a price-to-earnings ratio of -0.64 and a beta of 1.85. Chegg, Inc. has a 52 week low of $0.44 and a 52 week high of $2.73.

Analyst Ratings Changes

Separately, Zacks Research raised Chegg from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $1.70.

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.