Northland Securities Issues Pessimistic Forecast for Chegg (NYSE:CHGG) Stock Price

Chegg (NYSE:CHGG) had its target price lowered by Northland Securities from $4.00 to $3.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the technology company’s stock. Northland Securities’ price target suggests a potential upside of 69.01% from the company’s previous close.

Several other analysts have also recently weighed in on the company. Piper Sandler cut their price objective on Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 6th. Morgan Stanley lowered their target price on Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research note on Tuesday, August 6th. Craig Hallum lowered their price objective on Chegg from $7.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group upgraded shares of Chegg from a “sell” rating to a “neutral” rating and dropped their target price for the company from $7.00 to $3.75 in a 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’s stock. According to MarketBeat.com, Chegg currently has an average rating of “Hold” and a consensus price target of $5.14.

Chegg Price Performance

Shares of Chegg stock opened at $1.78 on Wednesday. The firm has a market cap of $181.44 million, a PE ratio of -0.29, a price-to-earnings-growth ratio of 0.66 and a beta of 1.32. The company’s fifty day simple moving average is $1.72 and its two-hundred day simple moving average is $2.75. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67. Chegg has a 12-month low of $1.48 and a 12-month high of $11.48.

Institutional Investors Weigh In On Chegg

A number of institutional investors and hedge funds have recently bought and sold shares of CHGG. Millennium Management LLC raised its stake in Chegg by 158.4% in the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after buying an additional 1,361,710 shares in the last quarter. AQR Capital Management LLC raised its position 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 worth $8,694,000 after acquiring an additional 2,130,998 shares in the last quarter. Comerica Bank lifted its stake in shares of Chegg by 349.4% during the 1st quarter. Comerica Bank now owns 45,390 shares of the technology company’s stock worth $344,000 after purchasing an additional 35,290 shares during the last quarter. SG Americas Securities LLC grew its stake in Chegg by 242.5% in the third quarter. SG Americas Securities LLC now owns 106,993 shares of the technology company’s stock valued at $189,000 after purchasing an additional 75,751 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Chegg by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after purchasing an additional 433,709 shares in the last quarter. 95.18% of the stock is owned by institutional investors.

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.