Chegg, Inc. (NYSE:CHGG – Get Free Report) was the recipient of a significant growth in short interest in June. As of June 30th, there was short interest totalling 10,840,000 shares, a growth of 11.3% from the June 15th total of 9,740,000 shares. Based on an average trading volume of 4,690,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 9.4% of the company’s stock are short sold.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in CHGG. Sylebra Capital Ltd raised its stake in shares of Chegg by 301.6% in the first quarter. Sylebra Capital Ltd now owns 3,662,649 shares of the technology company’s stock worth $59,701,000 after buying an additional 2,750,725 shares during the period. Sands Capital Management LLC raised its stake in shares of Chegg by 42.0% in the first quarter. Sands Capital Management LLC now owns 7,738,094 shares of the technology company’s stock worth $126,131,000 after buying an additional 2,288,020 shares during the period. Norges Bank bought a new position in shares of Chegg in the fourth quarter worth about $45,304,000. Dimensional Fund Advisors LP raised its stake in shares of Chegg by 81.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,940,001 shares of the technology company’s stock worth $47,922,000 after buying an additional 1,320,462 shares during the period. Finally, Schonfeld Strategic Advisors LLC raised its stake in Chegg by 6,630.5% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 861,500 shares of the technology company’s stock valued at $21,770,000 after purchasing an additional 848,700 shares during the period. Institutional investors own 89.94% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on the company. Craig Hallum reduced their price target on Chegg from $25.00 to $18.00 in a report on Tuesday, May 2nd. BMO Capital Markets dropped their price objective on Chegg from $20.00 to $12.00 in a research report on Wednesday, May 3rd. Barrington Research cut Chegg from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 2nd. 500.com reaffirmed a “downgrade” rating on shares of Chegg in a research report on Tuesday, May 2nd. Finally, Jefferies Financial Group cut Chegg from a “buy” rating to a “hold” rating and dropped their price objective for the company from $25.00 to $11.00 in a research report on Tuesday, May 2nd. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Chegg has an average rating of “Hold” and a consensus target price of $18.23.
Chegg Stock Performance
NYSE:CHGG traded up $0.02 on Friday, hitting $9.60. The stock had a trading volume of 2,319,811 shares, compared to its average volume of 3,730,591. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 7.26, a price-to-earnings-growth ratio of 21.65 and a beta of 1.13. The company has a quick ratio of 4.56, a current ratio of 4.56 and a debt-to-equity ratio of 1.18. The business’s 50-day simple moving average is $9.44 and its two-hundred day simple moving average is $14.88. Chegg has a 52-week low of $8.55 and a 52-week high of $30.05.
Chegg (NYSE:CHGG – Get Free Report) last posted its quarterly earnings data on Monday, May 1st. The technology company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.01). Chegg had a return on equity of 4.82% and a net margin of 34.97%. The company had revenue of $187.60 million during the quarter, compared to the consensus estimate of $185.25 million. As a group, research analysts predict that Chegg will post 0.03 earnings per share for the current year.
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 learner with their academic course materials. The company offers Chegg Services, which include subscription services; and skills and other, including skills, advertising services, print textbooks, and eTextbooks.