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

Chegg, Inc. (NYSE:CHGG) was the target of a significant increase in short interest in January. As of January 15th, there was short interest totalling 9,940,000 shares, an increase of 6.5% from the December 31st total of 9,330,000 shares. Based on an average daily trading volume, of 3,930,000 shares, the days-to-cover ratio is presently 2.5 days. Currently, 10.1% of the company’s shares are short sold.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC grew its position in Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after acquiring an additional 1,361,710 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Chegg by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after purchasing an additional 433,709 shares in the last quarter. XTX Topco Ltd boosted its stake in shares of Chegg by 384.4% during the 3rd quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock valued at $698,000 after buying an additional 312,780 shares during the last quarter. Firsthand Capital Management Inc. grew its position in shares of Chegg by 1,030.4% during the third quarter. Firsthand Capital Management Inc. now owns 260,000 shares of the technology company’s stock worth $460,000 after buying an additional 237,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Chegg by 14.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 911,333 shares of the technology company’s stock worth $1,613,000 after buying an additional 118,403 shares during the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Trading Up 5.2 %

CHGG traded up $0.08 on Tuesday, reaching $1.52. 817,236 shares of the company’s stock were exchanged, compared to its average volume of 2,591,315. The company has a market cap of $158.03 million, a price-to-earnings ratio of -0.19 and a beta of 1.41. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. Chegg has a twelve month low of $1.34 and a twelve month high of $9.75. The company’s 50 day moving average is $1.85 and its 200-day moving average is $1.97.

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

Analysts Set New Price Targets

Several research analysts have weighed in on CHGG shares. Craig Hallum cut their price target on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. The Goldman Sachs Group reduced their target price on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Northland Securities lowered their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Morgan Stanley reiterated an “underweight” rating and set a $1.25 price objective (down from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Finally, Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Thursday, January 16th. Four 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 company currently has a consensus rating of “Hold” and a consensus price target of $4.50.

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.