Chegg (NYSE:CHGG) PT Lowered to $2.00 at Piper Sandler

Chegg (NYSE:CHGG) had its target price lowered by Piper Sandler from $6.00 to $2.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has an underweight rating on the technology company’s stock.

Other analysts have also issued research reports about the stock. The Goldman Sachs Group raised shares of Chegg from a sell rating to a neutral rating and lowered their price objective for the stock from $7.00 to $3.75 in a research report on Tuesday. Needham & Company LLC reissued a hold rating on shares of Chegg in a research report on Tuesday. Craig Hallum reaffirmed a hold rating and set a $7.00 price target (down previously from $13.00) on shares of Chegg in a research report on Tuesday, April 30th. Jefferies Financial Group lowered Chegg from a hold rating to an underperform rating and decreased their price objective for the stock from $7.00 to $4.00 in a 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 company from $6.50 to $3.25 in a report on Tuesday, July 16th. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to data from MarketBeat, Chegg has a consensus rating of Hold and an average target price of $5.47.

Chegg Stock Performance

Shares of Chegg stock traded down $0.16 during mid-day trading on Tuesday, hitting $2.10. 4,148,940 shares of the stock were exchanged, compared to its average volume of 3,516,990. Chegg has a 12 month low of $2.09 and a 12 month high of $11.48. The company has a 50-day simple moving average of $3.09 and a 200 day simple moving average of $5.77. The company has a market capitalization of $214.66 million, a P/E ratio of -11.05, a P/E/G ratio of 0.56 and a beta of 1.35. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. Chegg had a return on equity of 0.87% and a net margin of 2.07%. The company had revenue of $163.10 million during the quarter, compared to the consensus estimate of $160.02 million. During the same period last year, the business posted $0.01 earnings per share. Chegg’s revenue was down 10.8% on a year-over-year basis. Sell-side analysts anticipate that Chegg will post 0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chegg

A number of institutional investors and hedge funds have recently modified their holdings of CHGG. Allspring Global Investments Holdings LLC bought a new stake in Chegg during the 1st quarter worth approximately $30,000. Headlands Technologies LLC purchased a new position in shares of Chegg during the 4th quarter valued at $48,000. Gladius Capital Management LP purchased a new position in shares of Chegg during the 2nd quarter valued at $27,000. Quest Partners LLC bought a new position in shares of Chegg in the fourth quarter worth $114,000. Finally, Adero Partners LLC purchased a new stake in shares of Chegg in the second quarter worth $34,000. 95.18% of the stock is owned by hedge funds and other institutional investors.

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.