Brokerages Set Chegg, Inc. (NYSE:CHGG) Target Price at $2.08

Chegg, Inc. (NYSE:CHGG) has received a consensus recommendation of “Reduce” from the seven research firms that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $2.08.

A number of brokerages have issued reports on CHGG. Morgan Stanley reiterated an “underweight” rating and issued a $1.25 price target (down from $2.00) on shares of Chegg in a report on Tuesday, January 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research note on Tuesday, February 25th. Finally, Piper Sandler reduced their target price on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 25th.

Chegg Trading Down 2.9 %

Shares of Chegg stock opened at $0.64 on Friday. The company’s fifty day simple moving average is $1.16 and its 200-day simple moving average is $1.57. Chegg has a 1-year low of $0.62 and a 1-year high of $7.75. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $67.69 million, a PE ratio of -0.08 and a beta of 1.52.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Caprock Group LLC purchased a new position in Chegg during the fourth quarter worth approximately $28,000. Pallas Capital Advisors LLC grew its holdings in shares of Chegg by 60.5% in the fourth quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock valued at $28,000 after purchasing an additional 6,658 shares in the last quarter. Virtus Fund Advisers LLC acquired a new position in Chegg during the 4th quarter worth $28,000. Ieq Capital LLC acquired a new position in shares of Chegg during the fourth quarter worth about $31,000. Finally, Point72 Asia Singapore Pte. Ltd. increased its position in shares of Chegg by 272.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after purchasing an additional 18,320 shares during the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

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.