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

Virtus Investment Advisers Inc. bought a new stake in shares of Chegg, Inc. (NYSE:CHGG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

Several other large investors also recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC purchased a new position in Chegg during the fourth quarter valued at approximately $559,000. Arrowstreet Capital Limited Partnership lifted its holdings in Chegg by 247.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,464,022 shares of the technology company's stock valued at $2,357,000 after purchasing an additional 1,042,136 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Chegg by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 934,160 shares of the technology company's stock valued at $1,504,000 after purchasing an additional 22,827 shares in the last quarter. Knightsbridge Asset Management LLC purchased a new position in Chegg during the fourth quarter valued at approximately $2,055,000. Finally, Vanguard Group Inc. lifted its holdings in Chegg by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,268 shares of the technology company's stock valued at $15,722,000 after purchasing an additional 180,258 shares in the last quarter. 95.18% of the stock is currently owned by institutional investors.

Chegg Trading Down 1.6%

CHGG stock traded down $0.02 during mid-day trading on Wednesday, reaching $0.98. 4,800,910 shares of the stock traded hands, compared to its average volume of 3,661,089. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. Chegg, Inc. has a one year low of $0.44 and a one year high of $4.13. The stock has a market capitalization of $104.86 million, a PE ratio of -0.12 and a beta of 1.75. The business has a 50-day moving average price of $0.66 and a two-hundred day moving average price of $1.30.

Analyst Ratings Changes

Several equities analysts have weighed in on CHGG shares. Piper Sandler lowered their price target on shares of Chegg from $1.50 to $1.00 and set an "underweight" rating on the stock in a report on Tuesday, February 25th. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Chegg in a report on Tuesday, April 8th. Needham & Company LLC reissued a "hold" rating on shares of Chegg in a report on Monday, May 12th. Finally, StockNews.com initiated coverage on shares of Chegg in a research note on Thursday, April 17th. They set a "hold" rating on the stock. Three investment 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.com, Chegg currently has an average rating of "Hold" and an average price target of $1.70.

About Chegg

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.