Chegg, Inc. (NYSE:CHGG) Shares Sold by Atlas Merchant Capital LLC

Key Points

• Atlas Merchant Capital LLC significantly reduced its stake in Chegg, Inc. by 93.7% in Q1, resulting in ownership of only 500,000 shares, or 0.8% of the firm's portfolio.
• Despite the reduction from Atlas, other investors like Vanguard Group and Millennium Management LLC increased their stakes in Chegg during the same period, with 95.18% of shares owned by institutional investors.
• Chegg's stock is currently valued at $1.14, with a fifty-two week low of $0.44 and a high of $2.73, and analysts primarily rate the stock as a "Hold" with an average price target of $1.70.

Atlas Merchant Capital LLC decreased its stake in Chegg, Inc. (NYSE:CHGG - Free Report) by 93.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 500,000 shares of the technology company's stock after selling 7,376,000 shares during the period. Chegg makes up 0.8% of Atlas Merchant Capital LLC's portfolio, making the stock its 9th largest holding. Atlas Merchant Capital LLC owned approximately 0.47% of Chegg worth $320,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Virtus Fund Advisers LLC acquired a new position in shares of Chegg during the fourth quarter worth approximately $28,000. Cerity Partners LLC increased its stake in Chegg by 226.6% in the first 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 in the last quarter. Wealthfront Advisers LLC increased its stake in Chegg by 586.4% in the first quarter. Wealthfront Advisers LLC now owns 63,885 shares of the technology company's stock valued at $41,000 after purchasing an additional 54,578 shares in the last quarter. ProShare Advisors LLC increased its stake in Chegg by 51.2% in the fourth 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 in the last quarter. Finally, Jefferies Financial Group Inc. increased its stake in Chegg by 382.9% in the first quarter. Jefferies Financial Group Inc. now owns 77,269 shares of the technology company's stock valued at $49,000 after purchasing an additional 61,269 shares in the last quarter. Institutional investors and hedge funds own 95.18% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Chegg in a research note on Monday, May 12th. Wall Street Zen assumed coverage on shares of Chegg in a research report on Thursday, April 17th. They set a "hold" rating for the company. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $1.70.

Chegg Trading Down 2.0%

Shares of CHGG stock traded down $0.03 during trading hours on Thursday, hitting $1.26. 1,145,519 shares of the company were exchanged, compared to its average volume of 3,021,294. The business has a 50 day moving average of $1.38 and a two-hundred day moving average of $1.08. Chegg, Inc. has a 52 week low of $0.44 and a 52 week high of $2.73. The company has a market capitalization of $135.95 million, a PE ratio of -0.48 and a beta of 1.77.

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.