Craig Hallum Cuts Chegg (NYSE:CHGG) Price Target to $1.50

Chegg (NYSE:CHGG) had its target price reduced by research analysts at Craig Hallum from $3.00 to $1.50 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. Craig Hallum’s target price would suggest a potential downside of 1.64% from the stock’s current price.

CHGG has been the subject of several other reports. Piper Sandler dropped their target price on Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, August 6th. Northland Securities lowered their price objective on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday. Morgan Stanley lowered their target price on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 6th. StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $4.97.

Chegg Price Performance

Shares of NYSE:CHGG traded down $0.25 during trading on Wednesday, reaching $1.53. The stock had a trading volume of 5,985,794 shares, compared to its average volume of 3,584,745. The business has a fifty day moving average price of $1.72 and a 200-day moving average price of $2.75. The stock has a market cap of $155.89 million, a PE ratio of -0.25, a PEG ratio of 0.66 and a beta of 1.32. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.89 and a current ratio of 0.89. Chegg has a 1-year low of $1.35 and a 1-year high of $11.48.

Hedge Funds Weigh In On Chegg

A number of institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Chegg by 14.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 911,333 shares of the technology company’s stock worth $1,613,000 after purchasing an additional 118,403 shares during the period. Intech Investment Management LLC bought a new stake in shares of Chegg in the third quarter valued at $56,000. Empowered Funds LLC lifted its position in shares of Chegg by 5.3% during the third quarter. Empowered Funds LLC now owns 372,434 shares of the technology company’s stock worth $659,000 after acquiring an additional 18,894 shares in the last quarter. Royce & Associates LP purchased a new position in shares of Chegg during the third quarter worth approximately $91,000. Finally, Aspire Wealth Management Corp purchased a new stake in shares of Chegg during the third quarter worth about $69,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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.