Knightsbridge Asset Management LLC Sells 206,794 Shares of Chegg, Inc. $CHGG

Key Points

• Knightsbridge Asset Management LLC reduced its stake in Chegg, Inc. by 16.2%, now holding approximately 1.02% of the company valued at $684,000.
• Institutional investors have been active, with firms like Cerity Partners increasing their stakes by 226.6% and Wealthfront Advisers growing theirs by 586.4% in the first quarter.
• Chegg currently has a mixed analyst sentiment, with a consensus rating of "Reduce" and an average price target of $1.70.

Knightsbridge Asset Management LLC lowered its holdings in Chegg, Inc. (NYSE:CHGG - Free Report) by 16.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,069,626 shares of the technology company's stock after selling 206,794 shares during the quarter. Knightsbridge Asset Management LLC owned 1.02% of Chegg worth $684,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its holdings in Chegg by 95.9% during the first quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company's stock valued at $1,925,000 after purchasing an additional 1,474,640 shares in the last quarter. CW Advisors LLC bought a new position in shares of Chegg during the 1st quarter worth approximately $32,000. Hsbc Holdings PLC boosted its stake in Chegg by 45.7% in the 1st quarter. Hsbc Holdings PLC now owns 73,152 shares of the technology company's stock valued at $46,000 after buying an additional 22,946 shares in the last quarter. Quantbot Technologies LP bought a new stake in Chegg in the first quarter valued at $28,000. Finally, Nuveen LLC bought a new stake in Chegg in the first quarter valued at $174,000. Institutional investors and hedge funds own 95.18% of the company's stock.

Wall Street Analyst Weigh In

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

Chegg Trading Down 5.3%

Shares of Chegg stock traded down $0.09 during midday trading on Friday, reaching $1.52. The company had a trading volume of 2,177,174 shares, compared to its average volume of 3,315,094. The stock has a fifty day simple moving average of $1.37 and a 200 day simple moving average of $1.07. Chegg, Inc. has a 1-year low of $0.44 and a 1-year high of $2.73. The company has a market capitalization of $164.12 million, a price-to-earnings ratio of -0.58 and a beta of 1.85.

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.