Chegg, Inc. (NYSE:CHGG) Short Interest Update

Chegg, Inc. (NYSE:CHGG - Get Free Report) saw a large decline in short interest in March. As of March 31st, there was short interest totalling 13,610,000 shares, a decline of 13.2% from the March 15th total of 15,680,000 shares. Based on an average trading volume of 2,710,000 shares, the days-to-cover ratio is currently 5.0 days. Currently, 13.7% of the company's stock are short sold.

Chegg Stock Performance

Chegg stock traded down $0.30 on Friday, reaching $7.15. 1,489,245 shares of the stock were exchanged, compared to its average volume of 1,900,921. The stock has a market cap of $736.09 million, a PE ratio of -44.69, a PEG ratio of 1.39 and a beta of 1.26. The firm has a fifty day moving average price of $8.17 and a two-hundred day moving average price of $9.21. Chegg has a twelve month low of $6.98 and a twelve month high of $18.77. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.26.

Chegg (NYSE:CHGG - Get Free Report) last announced its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, meeting the consensus estimate of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The firm had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. During the same quarter in the prior year, the company earned $0.16 EPS. The firm's revenue for the quarter was down 8.4% compared to the same quarter last year. Sell-side analysts anticipate that Chegg will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Chegg

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Chegg by 7.5% in the fourth quarter. Vanguard Group Inc. now owns 11,630,011 shares of the technology company's stock worth $132,117,000 after purchasing an additional 809,530 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Chegg by 8.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 67,740 shares of the technology company's stock worth $770,000 after buying an additional 5,056 shares in the last quarter. Burford Brothers Inc. acquired a new position in shares of Chegg in the 4th quarter worth approximately $937,000. Potomac Capital Management Inc. bought a new stake in Chegg during the 4th quarter worth approximately $199,000. Finally, Sylebra Capital LLC raised its position in Chegg by 37.0% in the 4th quarter. Sylebra Capital LLC now owns 9,410,827 shares of the technology company's stock valued at $106,907,000 after purchasing an additional 2,540,238 shares during the last quarter. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on CHGG shares. Piper Sandler Companies cut shares of Chegg to an "underweight" rating and decreased their price target for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. JPMorgan Chase & Co. cut their price objective on Chegg from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Tuesday, February 6th. The Goldman Sachs Group lowered their target price on Chegg from $8.00 to $7.00 and set a "sell" rating on the stock in a research note on Tuesday, February 6th. Piper Sandler downgraded Chegg from a "neutral" rating to an "underweight" rating and cut their price target for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. Finally, BMO Capital Markets dropped their price objective on Chegg from $11.00 to $10.00 and set a "market perform" rating on the stock in a report on Tuesday, February 6th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $10.22.

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.

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