Chegg, Inc. (NYSE:CHGG – Get Rating) was the target of a significant decline in short interest in December. As of December 15th, there was short interest totalling 3,990,000 shares, a decline of 15.1% from the November 30th total of 4,700,000 shares. Based on an average trading volume of 1,510,000 shares, the short-interest ratio is currently 2.6 days. Currently, 3.3% of the shares of the stock are short sold.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on the company. Barrington Research boosted their price objective on Chegg from $25.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 2nd. Piper Sandler boosted their price objective on Chegg from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 2nd. Needham & Company LLC raised Chegg from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a research note on Monday, September 26th. BMO Capital Markets upped their target price on Chegg from $23.00 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, November 3rd. Finally, Citigroup upped their target price on Chegg from $25.00 to $29.00 and gave the company a “neutral” rating in a research note on Wednesday, November 2nd. Eleven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $27.55.
Chegg Stock Down 1.0 %
Chegg stock traded down $0.26 during mid-day trading on Monday, reaching $25.27. 33,731 shares of the company were exchanged, compared to its average volume of 2,716,380. The business has a fifty day moving average of $26.70 and a 200 day moving average of $22.73. The company has a debt-to-equity ratio of 1.13, a quick ratio of 7.19 and a current ratio of 7.19. The firm has a market cap of $3.17 billion, a P/E ratio of 17.07, a PEG ratio of 4.06 and a beta of 1.11. Chegg has a 12-month low of $15.66 and a 12-month high of $37.64.
Chegg (NYSE:CHGG – Get Rating) last issued its quarterly earnings data on Tuesday, November 1st. The technology company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.04. Chegg had a return on equity of 7.19% and a net margin of 37.58%. The firm had revenue of $164.74 million during the quarter, compared to analyst estimates of $158.20 million. Research analysts anticipate that Chegg will post 0.41 earnings per share for the current fiscal year.
Insider Activity
In other news, Director Paul Leblanc sold 12,890 shares of Chegg stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $28.00, for a total value of $360,920.00. Following the sale, the director now directly owns 11,861 shares of the company’s stock, valued at $332,108. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.25% of the company’s stock.
Institutional Trading of Chegg
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in shares of Chegg by 42.5% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,810 shares of the technology company’s stock valued at $34,000 after purchasing an additional 540 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Chegg by 1.5% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 39,364 shares of the technology company’s stock valued at $739,000 after acquiring an additional 574 shares during the period. Alliancebernstein L.P. increased its position in shares of Chegg by 0.5% in the 3rd quarter. Alliancebernstein L.P. now owns 150,866 shares of the technology company’s stock valued at $3,179,000 after acquiring an additional 720 shares during the period. Amalgamated Bank boosted its stake in shares of Chegg by 2.6% during the 1st quarter. Amalgamated Bank now owns 30,099 shares of the technology company’s stock worth $1,092,000 after acquiring an additional 758 shares in the last quarter. Finally, Captrust Financial Advisors lifted its stake in Chegg by 79.6% in the 1st quarter. Captrust Financial Advisors now owns 2,012 shares of the technology company’s stock worth $73,000 after purchasing an additional 892 shares in the last quarter. Hedge funds and other institutional investors own 92.88% of the company’s stock.
Chegg Company Profile
Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support and help them better understand their academic course materials. The company offers Chegg Services, which include subscription services; and required materials that comprise its print textbooks and eTextbooks.