Traders Purchase High Volume of Call Options on Chegg (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG - Get Free Report) was the recipient of some unusual options trading on Wednesday. Traders bought 4,553 call options on the stock. This represents an increase of 65% compared to the typical daily volume of 2,764 call options.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Caprock Group LLC acquired a new stake in Chegg during the 4th quarter worth about $28,000. Virtus Fund Advisers LLC purchased a new stake in shares of Chegg in the fourth quarter worth approximately $28,000. Quantbot Technologies LP acquired a new stake in shares of Chegg during the first quarter worth approximately $28,000. Cerity Partners LLC grew its position in Chegg by 226.6% during the first quarter. Cerity Partners LLC now owns 45,208 shares of the technology company's stock valued at $29,000 after purchasing an additional 31,366 shares in the last quarter. Finally, Ieq Capital LLC acquired a new position in Chegg in the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 95.18% of the company's stock.

Chegg Trading Up 36.0%

CHGG traded up $0.44 during trading on Friday, reaching $1.65. The company had a trading volume of 26,501,152 shares, compared to its average volume of 3,749,735. The firm's 50-day simple moving average is $0.76 and its 200 day simple moving average is $1.25. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market cap of $175.31 million, a price-to-earnings ratio of -0.21 and a beta of 1.78. Chegg has a 12-month low of $0.44 and a 12-month high of $3.81.

Analysts Set New Price Targets

CHGG has been the subject of several recent analyst reports. JPMorgan Chase & Co. reissued an "underweight" rating on shares of Chegg in a research note on Tuesday, April 8th. Wall Street Zen initiated coverage on shares of Chegg in a research report on Thursday, April 17th. They issued a "hold" rating for the company. Needham & Company LLC restated a "hold" rating on shares of Chegg in a research report on Monday, May 12th. Finally, Piper Sandler reduced their price target on shares of Chegg from $1.50 to $1.00 and set an "underweight" rating for the company in a research note on Tuesday, February 25th. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $1.70.

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.