Chegg (NYSE:CHGG) Hits New 52-Week Low Following Analyst Downgrade

Shares of Chegg, Inc. (NYSE:CHGG - Get Free Report) hit a new 52-week low during trading on Tuesday after Jefferies Financial Group downgraded the stock from a hold rating to an underperform rating. Jefferies Financial Group now has a $4.00 price target on the stock, down from their previous price target of $7.00. Chegg traded as low as $5.57 and last traded at $5.64, with a volume of 4171957 shares trading hands. The stock had previously closed at $7.17.

CHGG has been the topic of a number of other reports. Morgan Stanley decreased their target price on Chegg from $8.50 to $7.00 and set an "underweight" rating on the stock in a research note on Friday, April 19th. The Goldman Sachs Group decreased their price objective on Chegg from $8.00 to $7.00 and set a "sell" rating on the stock in a report on Tuesday, February 6th. JPMorgan Chase & Co. cut their target price on shares of Chegg from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Tuesday, February 6th. StockNews.com raised Chegg from a "hold" rating to a "buy" rating in a research note on Tuesday, January 23rd. Finally, Piper Sandler downgraded shares of Chegg from a "neutral" rating to an "underweight" rating and decreased their price target for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $7.72.

Institutional Investors Weigh In On Chegg

A number of institutional investors have recently made changes to their positions in CHGG. Vanguard Group Inc. increased its holdings in Chegg by 7.5% in the 4th quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company's stock worth $132,117,000 after buying an additional 809,530 shares in the last quarter. Sylebra Capital LLC bought a new position in Chegg during the third quarter valued at approximately $61,286,000. Jacobs Levy Equity Management Inc. boosted its holdings in Chegg by 14.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,663,462 shares of the technology company's stock worth $23,758,000 after purchasing an additional 337,680 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Chegg by 39.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company's stock worth $30,084,000 after purchasing an additional 750,677 shares during the period. Finally, Federated Hermes Inc. raised its stake in Chegg by 229.8% during the 4th quarter. Federated Hermes Inc. now owns 1,254,339 shares of the technology company's stock valued at $14,249,000 after buying an additional 873,984 shares during the last quarter. Hedge funds and other institutional investors own 95.18% of the company's stock.

Chegg Price Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $524.61 million, a P/E ratio of -32.31, a PEG ratio of 1.38 and a beta of 1.26. The firm has a fifty day moving average price of $7.74 and a two-hundred day moving average price of $9.08.

Chegg (NYSE:CHGG - Get Free Report) last announced its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The business had revenue of $187.99 million for the quarter, compared to analysts' expectations of $185.94 million. During the same period last year, the firm posted $0.16 earnings per share. The business's revenue for the quarter was down 8.4% on a year-over-year basis. As a group, analysts expect that Chegg, Inc. will post 0.26 EPS for the current fiscal year.

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.