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Stock Traders Purchase Large Volume of Put Options on Chegg (NYSE:CHGG)

Tuesday, May 4, 2021 | MarketBeat

Chegg, Inc. (NYSE:CHGG) was the recipient of some unusual options trading activity on Monday. Stock traders acquired 4,468 put options on the company. This is an increase of 1,567% compared to the average daily volume of 268 put options.

NYSE:CHGG opened at $83.01 on Tuesday. The business's 50-day moving average price is $90.07 and its two-hundred day moving average price is $88.74. Chegg has a twelve month low of $41.24 and a twelve month high of $115.21. The stock has a market cap of $11.77 billion, a P/E ratio of -415.05, a PEG ratio of 3.14 and a beta of 0.99. The company has a quick ratio of 9.09, a current ratio of 9.09 and a debt-to-equity ratio of 2.38.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, May 3rd. The technology company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.02). Chegg had a negative net margin of 4.26% and a positive return on equity of 13.35%. The business had revenue of $198.40 million during the quarter, compared to analysts' expectations of $184.59 million. During the same period in the previous year, the business earned $0.22 EPS. The business's revenue was up 50.8% on a year-over-year basis. On average, equities research analysts expect that Chegg will post 0.69 EPS for the current fiscal year.

In other news, insider John Paul Fillmore sold 51,505 shares of the stock in a transaction on Wednesday, March 3rd. The stock was sold at an average price of $90.15, for a total transaction of $4,643,175.75. Following the completion of the transaction, the insider now owns 160,159 shares in the company, valued at approximately $14,438,333.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Daniel Rosensweig sold 300,000 shares of Chegg stock in a transaction dated Monday, February 22nd. The stock was sold at an average price of $99.55, for a total value of $29,865,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,607,090 shares of the company's stock, valued at approximately $159,985,809.50. The disclosure for this sale can be found here. Insiders have sold a total of 465,668 shares of company stock valued at $45,003,983 over the last three months. Insiders own 3.10% of the company's stock.

Several institutional investors have recently made changes to their positions in CHGG. AGF Investments LLC increased its position in shares of Chegg by 59.6% during the 4th quarter. AGF Investments LLC now owns 308 shares of the technology company's stock valued at $28,000 after purchasing an additional 115 shares during the last quarter. Ellevest Inc. increased its position in shares of Chegg by 269.7% during the 4th quarter. Ellevest Inc. now owns 329 shares of the technology company's stock valued at $30,000 after purchasing an additional 240 shares during the last quarter. Signaturefd LLC increased its position in shares of Chegg by 75.1% during the 4th quarter. Signaturefd LLC now owns 443 shares of the technology company's stock valued at $40,000 after purchasing an additional 190 shares during the last quarter. Capstone Triton Financial Group LLC bought a new position in shares of Chegg during the 4th quarter valued at about $48,000. Finally, HM Payson & Co. bought a new position in shares of Chegg during the 3rd quarter valued at about $60,000. Hedge funds and other institutional investors own 98.48% of the company's stock.

Several analysts have recently issued reports on the stock. Jefferies Financial Group boosted their price target on shares of Chegg from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, February 9th. Craig Hallum boosted their target price on shares of Chegg from $105.00 to $125.00 and gave the company a "buy" rating in a report on Tuesday, February 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $120.00 price target on shares of Chegg in a report on Monday, March 22nd. Piper Sandler boosted their price objective on Chegg from $110.00 to $124.00 and gave the company an "overweight" rating in a research note on Tuesday, February 9th. Finally, FBN Securities began coverage on Chegg in a report on Tuesday, March 30th. They set an "outperform" rating and a $105.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of "Buy" and a consensus target price of $104.78.

About Chegg

Chegg, Inc engages in the operations of learning platform for students. It intends to empower students to take control of their education and help the students study, college admissions exams, accomplish their goals, get grades and test scores. The firm offers required and non-required scholastic materials including textbooks in any format, access to online homework help and textbook solutions, course organization and scheduling, college and university matching tools and scholarship connections.

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