Piper Sandler Issues Pessimistic Forecast for Chegg (NYSE:CHGG) Stock Price

Chegg (NYSE:CHGG) had its price target decreased by equities research analysts at Piper Sandler from $2.00 to $1.50 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “underweight” rating on the technology company’s stock. Piper Sandler’s target price would indicate a potential downside of 4.76% from the stock’s previous close.

CHGG has been the topic of several other reports. Northland Securities reduced their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Wednesday. Craig Hallum lowered their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday. StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $7.00 to $3.75 in a research note on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $4.92.

Chegg Price Performance

Chegg stock opened at $1.58 on Thursday. Chegg has a 52-week low of $1.34 and a 52-week high of $11.48. The company has a market cap of $161.00 million, a price-to-earnings ratio of -0.20, a PEG ratio of 0.63 and a beta of 1.32. The firm’s fifty day moving average is $1.71 and its 200 day moving average is $2.74. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67.

Hedge Funds Weigh In On Chegg

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC grew its position in Chegg by 11,517.3% during the 2nd quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock worth $6,807,000 after purchasing an additional 2,136,336 shares during the last quarter. AQR Capital Management LLC boosted its position in Chegg by 284.9% in the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock valued at $8,694,000 after buying an additional 2,130,998 shares during the last quarter. Millennium Management LLC lifted its position in Chegg by 158.4% during 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 during the period. Divisadero Street Capital Management LP acquired a new position in Chegg during the second quarter valued at $3,501,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Chegg by 23,988.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock valued at $2,995,000 after purchasing an additional 943,703 shares during the last quarter. 95.18% of the stock is owned by hedge funds and other 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.