Chegg (NYSE:CHGG) Earns Underweight Rating from Morgan Stanley

Chegg (NYSE:CHGG)‘s stock had its “underweight” rating reissued by analysts at Morgan Stanley in a research report issued on Tuesday,Benzinga reports. They presently have a $1.25 price target on the technology company’s stock, down from their previous price target of $2.00. Morgan Stanley’s target price points to a potential downside of 23.22% from the stock’s current price.

Several other equities research analysts have also issued reports on CHGG. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Northland Securities decreased their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th. Piper Sandler dropped their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Craig Hallum reduced their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group dropped their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Four research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $4.50.

Chegg Stock Down 9.1 %

NYSE CHGG opened at $1.63 on Tuesday. The business has a fifty day moving average price of $1.93 and a two-hundred day moving average price of $2.13. The stock has a market capitalization of $169.81 million, a PE ratio of -0.20 and a beta of 1.40. Chegg has a fifty-two week low of $1.34 and a fifty-two week high of $11.25. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.03. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. The business had revenue of $136.59 million during the quarter, compared to the consensus estimate of $134.12 million. During the same period in the prior year, the company earned ($0.07) EPS. Chegg’s revenue for the quarter was down 13.5% on a year-over-year basis. Equities analysts expect that Chegg will post 0.12 earnings per share for the current fiscal year.

Institutional Trading of Chegg

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in Chegg by 4.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 489,853 shares of the technology company’s stock worth $1,548,000 after acquiring an additional 22,843 shares during the period. Rhumbline Advisers boosted its holdings in Chegg by 7.1% in the second quarter. Rhumbline Advisers now owns 183,347 shares of the technology company’s stock worth $579,000 after acquiring an additional 12,153 shares in the last quarter. Victory Capital Management Inc. grew its stake in Chegg by 939.4% in the second quarter. Victory Capital Management Inc. now owns 495,450 shares of the technology company’s stock valued at $1,566,000 after acquiring an additional 447,784 shares during the period. American Century Companies Inc. increased its holdings in shares of Chegg by 11.2% during the second quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock valued at $377,000 after acquiring an additional 11,992 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Chegg by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after purchasing an additional 433,709 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.