Weiss Ratings Reiterates "Sell (E+)" Rating for Chegg (NYSE:CHGG)

Key Points

• Weiss Ratings has reaffirmed a "Sell (E+)" rating for Chegg (NYSE:CHGG), indicating a negative outlook for the company's stock performance.
• Zacks Research has also downgraded Chegg from a "strong-buy" to a "hold" rating, reflecting a consensus among analysts that the stock may not be a favorable investment at this time.
• Despite a market cap of $152.75 million, Chegg's stock price has remained flat at $1.41, with a recent average target price of just $1.70 based on analysts' evaluations.

Chegg (NYSE:CHGG - Get Free Report)'s stock had its "sell (e+)" rating reaffirmed by investment analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Separately, Zacks Research lowered shares of Chegg from a "strong-buy" rating to a "hold" rating in a report on Monday. Five investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $1.70.

Chegg Price Performance

CHGG remained flat at $1.41 during midday trading on Wednesday. 1,531,382 shares of the company's stock were exchanged, compared to its average volume of 4,781,013. Chegg has a twelve month low of $0.44 and a twelve month high of $2.73. The company has a market capitalization of $152.75 million, a price-to-earnings ratio of -0.54 and a beta of 1.90. The company's 50-day simple moving average is $1.41 and its 200-day simple moving average is $1.15.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CHGG. Ground Swell Capital LLC acquired a new stake in Chegg during the 2nd quarter worth about $27,000. Jump Financial LLC bought a new position in Chegg during the 2nd quarter valued at approximately $31,000. Hudson Bay Capital Management LP bought a new stake in shares of Chegg in the 2nd quarter worth $36,000. Wealth Enhancement Advisory Services LLC lifted its position in Chegg by 101.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,861 shares of the technology company's stock valued at $37,000 after purchasing an additional 15,549 shares in the last quarter. Finally, CWM LLC lifted its position in shares of Chegg by 56.2% in the second quarter. CWM LLC now owns 41,022 shares of the technology company's stock worth $50,000 after buying an additional 14,758 shares in the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

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.

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