Chegg (NYSE:CHGG) Price Target Lowered to $1.00 at Piper Sandler

Chegg (NYSE:CHGG) had its target price decreased by Piper Sandler from $1.50 to $1.00 in a research note issued to investors on Tuesday,Benzinga reports. Piper Sandler currently has an underweight rating on the technology company’s stock.

Several other equities analysts also recently issued reports on the stock. Morgan Stanley reaffirmed 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. Craig Hallum dropped their target price on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. Northland Securities cut their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Tuesday. Finally, The Goldman Sachs Group decreased their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.08.

Chegg Trading Down 32.4 %

Shares of Chegg stock opened at $1.06 on Tuesday. The company has a market cap of $110.04 million, a P/E ratio of -0.13 and a beta of 1.41. The firm has a 50-day simple moving average of $1.56 and a two-hundred day simple moving average of $1.79. 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 fifty-two week low of $1.01 and a fifty-two week high of $9.14.

Institutional Trading of Chegg

Several hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd boosted its holdings in Chegg by 384.4% in the third quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock valued at $698,000 after purchasing an additional 312,780 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Chegg by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock valued at $4,099,000 after purchasing an additional 26,574 shares during the period. Charles Schwab Investment Management Inc. raised its position in Chegg by 14.9% during the 3rd 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. BNP Paribas Financial Markets lifted its position in Chegg by 389.4% in the third quarter. BNP Paribas Financial Markets now owns 100,774 shares of the technology company’s stock valued at $178,000 after purchasing an additional 80,183 shares during the period. Finally, Caprock Group LLC acquired a new stake in shares of Chegg in the 4th quarter valued at approximately $28,000. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.