Stock Traders Buy Large Volume of Call Options on Chegg (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG - Get Free Report) saw some unusual options trading activity on Wednesday. Stock traders purchased 4,553 call options on the company. This represents an increase of 65% compared to the typical volume of 2,764 call options.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CHGG. Caprock Group LLC acquired a new position in Chegg in the fourth quarter worth about $28,000. Virtus Fund Advisers LLC acquired a new position in Chegg in the fourth quarter worth about $28,000. Quantbot Technologies LP acquired a new position in Chegg in the first quarter worth about $28,000. Cerity Partners LLC raised its position in Chegg by 226.6% in the first quarter. Cerity Partners LLC now owns 45,208 shares of the technology company's stock worth $29,000 after purchasing an additional 31,366 shares in the last quarter. Finally, Ieq Capital LLC acquired a new stake in shares of Chegg during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 95.18% of the company's stock.

Chegg Stock Performance

Shares of NYSE CHGG traded down $0.04 during mid-day trading on Thursday, hitting $1.22. The company had a trading volume of 2,481,310 shares, compared to its average volume of 3,645,770. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. The business's 50-day simple moving average is $0.73 and its 200-day simple moving average is $1.25. Chegg has a 12 month low of $0.44 and a 12 month high of $3.81. The firm has a market cap of $129.48 million, a P/E ratio of -0.15 and a beta of 1.75.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CHGG shares. Wall Street Zen started coverage on shares of Chegg in a report on Thursday, April 17th. They set a "hold" rating for the company. Piper Sandler reduced their target price 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. JPMorgan Chase & Co. reiterated an "underweight" rating on shares of Chegg in a research note on Tuesday, April 8th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Chegg in a research note on Monday, May 12th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price 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.