Virtus Investment Advisers Inc. Invests $479,000 in Chegg, Inc. (NYSE:CHGG)

Virtus Investment Advisers Inc. bought a new position in Chegg, Inc. (NYSE:CHGG - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 297,584 shares of the technology company's stock, valued at approximately $479,000. Virtus Investment Advisers Inc. owned 0.29% of Chegg at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CHGG. Caprock Group LLC purchased a new stake in Chegg during the 4th quarter valued at about $28,000. Empowered Funds LLC grew its position in Chegg by 5.1% during the 4th quarter. Empowered Funds LLC now owns 391,294 shares of the technology company's stock valued at $630,000 after purchasing an additional 18,860 shares during the last quarter. Private Advisor Group LLC purchased a new stake in Chegg during the 4th quarter valued at about $82,000. Ieq Capital LLC purchased a new stake in Chegg during the 4th quarter valued at about $31,000. Finally, Bank of New York Mellon Corp grew its position in Chegg by 15.4% during the 4th quarter. Bank of New York Mellon Corp now owns 437,199 shares of the technology company's stock valued at $704,000 after purchasing an additional 58,452 shares during the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Stock Performance

Shares of NYSE CHGG traded down $0.01 during trading on Friday, reaching $0.99. 2,908,140 shares of the company traded hands, compared to its average volume of 3,654,830. The firm has a 50 day simple moving average of $0.67 and a 200-day simple moving average of $1.29. 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 stock has a market capitalization of $104.97 million, a PE ratio of -0.12 and a beta of 1.75. Chegg, Inc. has a 52-week low of $0.44 and a 52-week high of $3.92.

Analyst Ratings Changes

Several analysts recently commented on CHGG shares. Needham & Company LLC reissued a "hold" rating on shares of Chegg in a research report on Monday, May 12th. Piper Sandler cut their price objective on shares of Chegg from $1.50 to $1.00 and set an "underweight" rating on the stock in a research report on Tuesday, February 25th. Wall Street Zen started coverage on shares of Chegg in a research report on Thursday, April 17th. They set a "hold" rating on the stock. Finally, JPMorgan Chase & Co. reissued an "underweight" rating on shares of Chegg in a research report on Tuesday, April 8th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, Chegg currently has an average rating of "Hold" and a consensus price target 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.