Chegg, Inc. (NYSE:CHGG) Sees Large Growth in Short Interest

Chegg, Inc. (NYSE:CHGG) saw a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 10,600,000 shares, a growth of 8.5% from the January 15th total of 9,770,000 shares. Based on an average trading volume of 3,570,000 shares, the days-to-cover ratio is currently 3.0 days. Currently, 11.0% of the company’s shares are sold short.

Chegg Stock Down 0.3 %

CHGG stock traded down $0.01 during mid-day trading on Tuesday, reaching $1.46. The company had a trading volume of 346,172 shares, compared to its average volume of 2,556,769. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. Chegg has a fifty-two week low of $1.30 and a fifty-two week high of $9.14. The company has a market capitalization of $151.77 million, a price-to-earnings ratio of -0.18 and a beta of 1.41. The firm has a fifty day simple moving average of $1.66 and a 200 day simple moving average of $1.83.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Northland Securities lowered their target price on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Piper Sandler lowered their target price on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Thursday, November 14th. Morgan Stanley restated an “underweight” rating and set a $1.25 target price (down from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Thursday, January 16th. Finally, The Goldman Sachs Group reduced their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2.17.

Institutional Investors Weigh In On Chegg

Several hedge funds and other institutional investors have recently made changes to their positions in CHGG. Pallas Capital Advisors LLC raised its position in shares of Chegg by 60.5% during the 4th quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock worth $28,000 after acquiring an additional 6,658 shares in the last quarter. Caprock Group LLC acquired a new stake in shares of Chegg during the 4th quarter worth about $28,000. Virtus Fund Advisers LLC acquired a new stake in shares of Chegg during the 4th quarter worth about $28,000. Ieq Capital LLC acquired a new stake in shares of Chegg during the 4th quarter worth about $31,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its position in shares of Chegg by 272.2% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after acquiring an additional 18,320 shares in the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.