Chegg, Inc. (NYSE:CHGG) Short Interest Update

Chegg, Inc. (NYSE:CHGG) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 13,960,000 shares, a growth of 6.9% from the August 15th total of 13,060,000 shares. Based on an average daily volume of 4,230,000 shares, the short-interest ratio is currently 3.3 days. Approximately 14.2% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC grew its holdings in shares of Chegg by 76.9% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 607,250 shares of the technology company’s stock valued at $1,919,000 after purchasing an additional 263,927 shares during the last quarter. Mackenzie Financial Corp boosted its position in Chegg by 207.5% during the second quarter. Mackenzie Financial Corp now owns 348,555 shares of the technology company’s stock valued at $1,101,000 after buying an additional 235,197 shares during the period. Millennium Management LLC grew its stake in shares of Chegg by 158.4% during the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after buying an additional 1,361,710 shares during the last quarter. Maverick Capital Ltd. purchased a new position in shares of Chegg in the second quarter worth about $685,000. Finally, AQR Capital Management LLC lifted its stake in shares of Chegg by 284.9% in the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock valued at $8,694,000 after acquiring an additional 2,130,998 shares during the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on CHGG shares. StockNews.com lowered Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Northland Securities reduced their price objective on shares of Chegg from $7.00 to $6.00 and set a “market perform” rating for the company in a research note on Tuesday, August 6th. The Goldman Sachs Group upgraded shares of Chegg from a “sell” rating to a “neutral” rating and lowered their target price for the stock from $7.00 to $3.75 in a research note on Tuesday, August 6th. Craig Hallum reduced their price target on shares of Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. Finally, Morgan Stanley lowered their price objective on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 6th. Three equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $5.47.

Chegg Stock Up 1.1 %

CHGG opened at $1.83 on Tuesday. The business’s fifty day simple moving average is $2.54 and its 200 day simple moving average is $4.45. Chegg has a 52 week low of $1.78 and a 52 week high of $11.48. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67. The stock has a market cap of $187.06 million, a PE ratio of -9.50, a P/E/G ratio of 0.68 and a beta of 1.31.

Chegg (NYSE:CHGG) last announced its quarterly earnings data on Monday, August 5th. The technology company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.21 by $0.03. The firm had revenue of $163.10 million for the quarter, compared to analyst estimates of $160.02 million. Chegg had a positive return on equity of 2.10% and a negative net margin of 91.74%. The company’s revenue was down 10.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.01 EPS. As a group, research analysts expect that Chegg will post 0.19 earnings per share for the current fiscal year.

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.