Bayesian Capital Management LP Buys New Shares in Chegg, Inc. (NYSE:CHGG)

Bayesian Capital Management LP bought a new stake in Chegg, Inc. (NYSE:CHGG) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 75,313 shares of the technology company’s stock, valued at approximately $570,000. Bayesian Capital Management LP owned 0.07% of Chegg as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in the stock. Caxton Associates LP lifted its stake in shares of Chegg by 356.4% in the first quarter. Caxton Associates LP now owns 224,271 shares of the technology company’s stock valued at $1,698,000 after buying an additional 175,129 shares during the period. Price T Rowe Associates Inc. MD raised its position in Chegg by 6.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company’s stock worth $545,000 after purchasing an additional 4,250 shares in the last quarter. Quadrature Capital Ltd acquired a new position in Chegg in the first quarter worth about $155,000. Natixis acquired a new position in Chegg in the first quarter worth about $585,000. Finally, Seven Eight Capital LP raised its position in Chegg by 320.9% in the first quarter. Seven Eight Capital LP now owns 138,503 shares of the technology company’s stock worth $1,048,000 after purchasing an additional 105,597 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

Chegg Price Performance

Shares of Chegg stock traded down $0.08 during midday trading on Wednesday, reaching $3.32. The company had a trading volume of 35,905 shares, compared to its average volume of 3,412,682. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $339.37 million, a price-to-earnings ratio of -17.68, a price-to-earnings-growth ratio of 0.61 and a beta of 1.35. The stock has a fifty day simple moving average of $3.26 and a 200 day simple moving average of $6.18. Chegg, Inc. has a 1-year low of $2.53 and a 1-year high of $13.11.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, April 29th. The technology company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The company had revenue of $174.35 million during the quarter, compared to analyst estimates of $174.05 million. Chegg had a net margin of 2.07% and a return on equity of 0.87%. As a group, equities research analysts forecast that Chegg, Inc. will post 0.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CHGG has been the subject of several recent research reports. Jefferies Financial Group lowered shares of Chegg from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $7.00 to $4.00 in a research report on Tuesday, April 30th. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Tuesday, June 18th. Piper Sandler reissued an “underweight” rating and issued a $6.00 price target (down previously from $8.50) on shares of Chegg in a research report on Tuesday, April 30th. Craig Hallum reissued a “hold” rating and issued a $7.00 price target (down previously from $13.00) on shares of Chegg in a research report on Tuesday, April 30th. Finally, Morgan Stanley raised shares of Chegg from an “underweight” rating to an “equal weight” rating and dropped their price objective for the stock from $6.50 to $3.25 in a report on Tuesday, July 16th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $6.84.

Chegg 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.