Chegg (NYSE:CHGG) Earns “Hold” Rating from Needham & Company LLC

Chegg (NYSE:CHGG)‘s stock had its “hold” rating restated by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports.

A number of other brokerages also recently weighed in on CHGG. Morgan Stanley reiterated an “underweight” rating and issued a $1.25 target price (down from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Craig Hallum dropped their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. The Goldman Sachs Group reduced their price target on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Northland Securities decreased their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday, November 13th. Finally, Piper Sandler cut their price objective on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Thursday, November 14th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.17.

Chegg Stock Performance

NYSE:CHGG opened at $1.59 on Tuesday. The company has a market capitalization of $165.33 million, a PE ratio of -0.20 and a beta of 1.41. Chegg has a fifty-two week low of $1.30 and a fifty-two week high of $9.14. 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 50 day simple moving average of $1.58 and a two-hundred day simple moving average of $1.80.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, February 24th. The technology company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.14). Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. Research analysts anticipate that Chegg will post 0.15 earnings per share for the current year.

Hedge Funds Weigh In On Chegg

Several large investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. raised its stake in shares of Chegg by 16.0% in the third quarter. Assenagon Asset Management S.A. now owns 298,755 shares of the technology company’s stock worth $529,000 after purchasing an additional 41,174 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in Chegg by 26.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 72,709 shares of the technology company’s stock valued at $129,000 after buying an additional 15,180 shares during the last quarter. Aspire Wealth Management Corp bought a new position in Chegg during the 3rd quarter valued at $69,000. Royce & Associates LP bought a new position in Chegg during the 3rd quarter valued at $91,000. Finally, Empowered Funds LLC grew its stake in shares of Chegg by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 372,434 shares of the technology company’s stock worth $659,000 after acquiring an additional 18,894 shares in the last quarter. Institutional investors 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.