Chegg (NYSE:CHGG) Receives Hold Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Chegg (NYSE:CHGG) in a report released on Wednesday,Benzinga reports.

A number of other brokerages have also commented on CHGG. Piper Sandler cut their price target on shares of Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, August 6th. Northland Securities cut their target price on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday. StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Morgan Stanley cut their price objective on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 6th. Finally, The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and decreased their target price for the company from $7.00 to $3.75 in a research report on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $4.97.

Chegg Stock Down 11.0 %

NYSE:CHGG opened at $1.58 on Wednesday. Chegg has a one year low of $1.34 and a one year high of $11.48. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $161.00 million, a PE ratio of -0.20, a P/E/G ratio of 0.63 and a beta of 1.32. The firm’s 50 day simple moving average is $1.71 and its 200 day simple moving average is $2.74.

Hedge Funds Weigh In On Chegg

Several institutional investors have recently added to or reduced their stakes in the business. Gladius Capital Management LP acquired a new stake in shares of Chegg during the 2nd quarter worth approximately $27,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Chegg during the 1st quarter valued at $30,000. Adero Partners LLC bought a new position in Chegg during the second quarter worth $34,000. Intech Investment Management LLC acquired a new stake in Chegg in the third quarter worth $56,000. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in Chegg in the second quarter valued at $60,000. 95.18% of the stock is 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.