Chegg, Inc. (NYSE:CHGG) is Atlas Merchant Capital LLC's 9th Largest Position

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

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Chegg by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company's stock valued at $15,722,000 after buying an additional 180,258 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in Chegg by 6.8% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,307,264 shares of the technology company's stock valued at $3,715,000 after buying an additional 147,441 shares during the period. Two Sigma Investments LP boosted its position in Chegg by 8.2% in the 4th quarter. Two Sigma Investments LP now owns 2,254,234 shares of the technology company's stock valued at $3,629,000 after buying an additional 170,077 shares during the period. Two Sigma Advisers LP boosted its position in Chegg by 1.1% in the 4th quarter. Two Sigma Advisers LP now owns 2,088,900 shares of the technology company's stock valued at $3,363,000 after buying an additional 22,100 shares during the period. Finally, Millennium Management LLC boosted its position in Chegg by 35.7% in the 4th quarter. Millennium Management LLC now owns 1,874,158 shares of the technology company's stock valued at $3,017,000 after buying an additional 492,902 shares during the period. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Price Performance

Shares of CHGG opened at $1.14 on Friday. The company has a 50 day moving average price of $1.38 and a 200-day moving average price of $1.08. Chegg, Inc. has a fifty-two week low of $0.44 and a fifty-two week high of $2.73. The stock has a market capitalization of $121.48 million, a PE ratio of -0.44 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.

Analyst Ratings Changes

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

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.

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