Chegg, Inc. (NYSE:CHGG) Stake Lessened by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lessened its holdings in Chegg, Inc. (NYSE:CHGG) by 6.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,552 shares of the technology company’s stock after selling 5,058 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.06% of Chegg worth $790,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its holdings in Chegg by 185.5% in the third quarter. Acadian Asset Management LLC now owns 294,208 shares of the technology company’s stock worth $2,621,000 after purchasing an additional 191,165 shares during the period. Trexquant Investment LP acquired a new position in Chegg in the third quarter worth $3,907,000. AQR Capital Management LLC boosted its holdings in Chegg by 75.4% in the third quarter. AQR Capital Management LLC now owns 693,676 shares of the technology company’s stock worth $6,188,000 after purchasing an additional 298,194 shares during the period. Graham Capital Management L.P. boosted its holdings in Chegg by 28.2% in the third quarter. Graham Capital Management L.P. now owns 126,457 shares of the technology company’s stock worth $1,128,000 after purchasing an additional 27,813 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in Chegg by 114.4% in the third quarter. Hsbc Holdings PLC now owns 262,562 shares of the technology company’s stock worth $2,347,000 after purchasing an additional 140,113 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Stock Performance

CHGG stock opened at $6.81 on Thursday. The company has a market capitalization of $691.18 million, a P/E ratio of -42.50, a PEG ratio of 1.33 and a beta of 1.26. The company has a 50-day simple moving average of $7.91 and a 200 day simple moving average of $9.12. Chegg, Inc. has a fifty-two week low of $6.63 and a fifty-two week high of $18.71. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.26.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 earnings per share for the quarter, hitting the consensus estimate of $0.36. The business had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. Chegg had a net margin of 2.54% and a return on equity of 1.27%. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.16 earnings per share. Sell-side analysts predict that Chegg, Inc. will post 0.26 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Morgan Stanley decreased their price objective on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Friday, April 19th. Piper Sandler downgraded shares of Chegg from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. Piper Sandler Companies downgraded shares of Chegg to an “underweight” rating and reduced their price target for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. JPMorgan Chase & Co. reduced their price target on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. Finally, BMO Capital Markets reduced their price target on shares of Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a report on Tuesday, February 6th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $10.00.

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.