Chegg, Inc. (NYSE:CHGG – Get Free Report) was the target of a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 17,740,000 shares, a decrease of 7.0% from the November 15th total of 19,080,000 shares. Approximately 15.9% of the company’s shares are short sold. Based on an average daily volume of 2,340,000 shares, the short-interest ratio is presently 7.6 days.
Insider Buying and Selling at Chegg
In other Chegg news, CFO Andrew J. Brown sold 16,921 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $10.02, for a total transaction of $169,548.42. Following the transaction, the chief financial officer now owns 91,922 shares in the company, valued at approximately $921,058.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 18,901 shares of company stock valued at $189,984 in the last 90 days. Insiders own 2.60% of the company’s stock.
Institutional Investors Weigh In On Chegg
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sylebra Capital LLC bought a new stake in Chegg during the third quarter valued at about $61,286,000. American Century Companies Inc. raised its holdings in Chegg by 38.4% during the third quarter. American Century Companies Inc. now owns 20,847 shares of the technology company’s stock valued at $186,000 after acquiring an additional 5,786 shares during the period. Graham Capital Management L.P. raised its holdings in Chegg by 28.2% during the third quarter. Graham Capital Management L.P. now owns 126,457 shares of the technology company’s stock valued at $1,128,000 after acquiring an additional 27,813 shares during the period. Diversified Trust Co purchased a new position in shares of Chegg during the third quarter valued at about $198,000. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Chegg by 14.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,663,462 shares of the technology company’s stock valued at $23,758,000 after purchasing an additional 337,680 shares in the last quarter. 97.15% of the stock is owned by institutional investors.
Chegg Stock Performance
Chegg stock traded down $0.40 during trading on Friday, reaching $10.67. The company had a trading volume of 3,328,128 shares, compared to its average volume of 3,254,482. Chegg has a 52 week low of $7.32 and a 52 week high of $28.22. The firm’s 50-day simple moving average is $9.30 and its 200 day simple moving average is $9.53. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -44.46, a price-to-earnings-growth ratio of 1.85 and a beta of 1.28. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 0.58.
Chegg (NYSE:CHGG – Get Free Report) last announced its earnings results on Monday, October 30th. The technology company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). Chegg had a return on equity of 2.02% and a net margin of 1.41%. The company had revenue of $157.85 million during the quarter, compared to the consensus estimate of $152.03 million. Sell-side analysts forecast that Chegg will post 0.3 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on the company. Morgan Stanley downgraded Chegg from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $10.00 to $9.00 in a research note on Monday, November 20th. BMO Capital Markets cut their price target on Chegg from $12.00 to $10.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 31st. Piper Sandler cut their price target on Chegg from $13.00 to $9.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 31st. StockNews.com downgraded Chegg from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. cut their target price on Chegg from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.82.
About Chegg
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.