Short Interest in Chegg, Inc. (NYSE:CHGG) Increases By 6.5%

Chegg, Inc. (NYSE:CHGG) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 9,940,000 shares, an increase of 6.5% from the December 15th total of 9,330,000 shares. Currently, 10.1% of the company’s shares are sold short. Based on an average daily volume of 3,930,000 shares, the short-interest ratio is presently 2.5 days.

Hedge Funds Weigh In On Chegg

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its stake in shares of Chegg by 284.9% during the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after acquiring an additional 2,130,998 shares in the last quarter. Millennium Management LLC grew its position in Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock valued at $7,019,000 after purchasing an additional 1,361,710 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Chegg by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock valued at $14,488,000 after buying an additional 433,709 shares during the last quarter. XTX Topco Ltd lifted its position in Chegg by 384.4% during the 3rd quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock worth $698,000 after buying an additional 312,780 shares in the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in shares of Chegg by 69.2% during the 2nd quarter. First Eagle Investment Management LLC now owns 697,063 shares of the technology company’s stock worth $2,203,000 after buying an additional 285,000 shares during the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

Chegg Stock Down 3.6 %

Shares of NYSE CHGG traded down $0.06 during mid-day trading on Friday, reaching $1.49. 3,113,775 shares of the company’s stock were exchanged, compared to its average volume of 2,618,248. Chegg has a twelve month low of $1.34 and a twelve month high of $10.80. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $154.90 million, a price-to-earnings ratio of -0.19 and a beta of 1.40. The business has a fifty day simple moving average of $1.91 and a 200 day simple moving average of $2.09.

Chegg (NYSE:CHGG) last announced its earnings results on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.06 by $0.03. The firm had revenue of $136.59 million for the quarter, compared to the consensus estimate of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The business’s quarterly revenue was down 13.5% on a year-over-year basis. During the same period last year, the company posted ($0.07) EPS. As a group, equities analysts expect that Chegg will post 0.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CHGG. Morgan Stanley reaffirmed an “underweight” rating and issued a $1.25 price objective (down from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Thursday. Craig Hallum decreased their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research note on Wednesday, November 13th. 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 research note on Wednesday, November 13th. Finally, Piper Sandler lowered their price target on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Four analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $4.50.

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.