Chegg (NYSE:CHGG) Reaches New 52-Week Low at $6.63

Shares of Chegg, Inc. (NYSE:CHGG) reached a new 52-week low on Wednesday . The company traded as low as $6.63 and last traded at $6.69, with a volume of 596633 shares trading hands. The stock had previously closed at $6.83.

Analysts Set New Price Targets

A number of research firms recently weighed in on CHGG. The Goldman Sachs Group dropped their price target on Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a report on Tuesday, February 6th. Morgan Stanley decreased their price objective on Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a research report on Friday, April 19th. Piper Sandler lowered Chegg from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $9.00 to $8.50 in a research report on Tuesday, February 6th. BMO Capital Markets reduced their price target on Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 6th. Finally, JPMorgan Chase & Co. reduced their price target on Chegg from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $10.00.

Chegg Price Performance

The firm has a market cap of $721.15 million, a price-to-earnings ratio of -44.69, a P/E/G ratio of 1.32 and a beta of 1.26. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.26. The company has a 50 day moving average of $7.81 and a 200 day moving average of $9.09.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The firm had revenue of $187.99 million for the quarter, compared to the consensus estimate of $185.94 million. During the same quarter last year, the business posted $0.16 EPS. The company’s revenue for the quarter was down 8.4% on a year-over-year basis. Equities research analysts predict that Chegg, Inc. will post 0.26 EPS for the current fiscal year.

Institutional Trading of Chegg

Several hedge funds and other institutional investors have recently modified their holdings of CHGG. Allspring Global Investments Holdings LLC acquired a new stake in shares of Chegg in the first quarter valued at about $30,000. Headlands Technologies LLC acquired a new stake in shares of Chegg in the fourth quarter valued at about $48,000. Moors & Cabot Inc. acquired a new stake in shares of Chegg in the third quarter valued at about $98,000. Shell Asset Management Co. increased its position in shares of Chegg by 48.8% in the third quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock valued at $102,000 after acquiring an additional 3,748 shares during the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Chegg in the fourth quarter valued at about $114,000. 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.