Royce & Associates LP Makes New $91,000 Investment in Chegg, Inc. (NYSE:CHGG)

Royce & Associates LP bought a new stake in shares of Chegg, Inc. (NYSE:CHGG) during the third quarter, Holdings Channel.com reports. The fund bought 51,666 shares of the technology company’s stock, valued at approximately $91,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new position in Chegg during the first quarter worth approximately $30,000. Price T Rowe Associates Inc. MD grew its stake in Chegg by 6.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company’s stock valued at $545,000 after acquiring an additional 4,250 shares during the period. Quent Capital LLC increased its holdings in Chegg by 35.0% in the 2nd quarter. Quent Capital LLC now owns 30,460 shares of the technology company’s stock worth $96,000 after acquiring an additional 7,892 shares in the last quarter. Gladius Capital Management LP acquired a new position in Chegg during the second quarter worth $27,000. Finally, Adero Partners LLC purchased a new position in Chegg during the second quarter valued at $34,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 6th. Craig Hallum reduced their target price on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. Northland Securities lowered their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th. Piper Sandler reduced their price objective on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Finally, The Goldman Sachs Group lowered their target price on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Three equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $4.69.

Chegg Price Performance

Chegg stock opened at $1.74 on Thursday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg, Inc. has a 52-week low of $1.34 and a 52-week high of $11.48. The firm has a market cap of $180.98 million, a PE ratio of -0.22, a price-to-earnings-growth ratio of 0.61 and a beta of 1.32. The company’s 50 day moving average is $1.69 and its two-hundred day moving average is $2.61.

Chegg (NYSE:CHGG) last released its earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. The firm had revenue of $136.59 million during the quarter, compared to analyst estimates of $134.12 million. Chegg had a positive return on equity of 2.36% and a negative net margin of 124.05%. Chegg’s revenue was down 13.5% compared to the same quarter last year. During the same period last year, the business posted ($0.07) earnings per share. On average, research analysts expect that Chegg, Inc. will post 0.19 EPS for the current fiscal year.

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.