Mackenzie Financial Corp Lowers Position in Chegg, Inc. (NYSE:CHGG)

Mackenzie Financial Corp trimmed its position in shares of Chegg, Inc. (NYSE:CHGG - Free Report) by 51.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 290,588 shares of the technology company's stock after selling 313,542 shares during the period. Mackenzie Financial Corp owned approximately 0.28% of Chegg worth $468,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Intech Investment Management LLC raised its stake in Chegg by 30.1% during the fourth quarter. Intech Investment Management LLC now owns 41,164 shares of the technology company's stock worth $66,000 after acquiring an additional 9,514 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Chegg by 51.2% during the fourth quarter. ProShare Advisors LLC now owns 28,360 shares of the technology company's stock worth $46,000 after purchasing an additional 9,600 shares during the period. Hsbc Holdings PLC increased its holdings in Chegg by 41.8% in the fourth quarter. Hsbc Holdings PLC now owns 50,206 shares of the technology company's stock valued at $81,000 after purchasing an additional 14,801 shares during the period. Virtus Fund Advisers LLC acquired a new stake in Chegg in the fourth quarter valued at $28,000. Finally, Caprock Group LLC bought a new position in Chegg during the 4th quarter worth $28,000. Institutional investors own 95.18% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Wall Street Zen began coverage on Chegg in a research note on Thursday, April 17th. They issued a "hold" rating for the company. JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Chegg in a research report on Tuesday, April 8th. Piper Sandler decreased their price target on Chegg from $1.50 to $1.00 and set an "underweight" rating for the company in a report on Tuesday, February 25th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Chegg in a report on Monday, May 12th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $1.70.

Chegg Trading Up 36.0%

Chegg stock traded up $0.44 during trading hours on Friday, reaching $1.65. 26,501,152 shares of the company's stock were exchanged, compared to its average volume of 3,749,735. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The firm's 50 day simple moving average is $0.76 and its 200 day simple moving average is $1.25. Chegg, Inc. has a twelve month low of $0.44 and a twelve month high of $3.81. The firm has a market capitalization of $175.31 million, a PE ratio of -0.21 and a beta of 1.78.

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.