Short Interest in Chegg, Inc. (NYSE:CHGG) Drops By 6.0%

Chegg, Inc. (NYSE:CHGG) was the recipient of a large decline in short interest in the month of December. As of December 15th, there was short interest totalling 9,330,000 shares, a decline of 6.0% from the November 30th total of 9,930,000 shares. Based on an average daily trading volume, of 4,000,000 shares, the days-to-cover ratio is presently 2.3 days. Approximately 9.5% of the company’s shares are short sold.

Chegg Price Performance

CHGG stock opened at $1.61 on Thursday. 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 company’s 50-day moving average is $1.92 and its 200-day moving average is $2.20. The stock has a market capitalization of $167.93 million, a PE ratio of -0.20 and a beta of 1.36. Chegg has a 1 year low of $1.34 and a 1 year high of $11.47.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.03. The business had revenue of $136.59 million for 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%. The company’s quarterly revenue was down 13.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Equities research analysts expect that Chegg will post 0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Chegg

Institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC bought a new stake in shares of Chegg in the 3rd quarter worth $130,000. Geode Capital Management LLC grew its position in Chegg by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock worth $4,099,000 after purchasing an additional 26,574 shares in the last quarter. XTX Topco Ltd lifted its position in shares of Chegg by 384.4% during the 3rd quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock worth $698,000 after buying an additional 312,780 shares in the last quarter. Quadrature Capital Ltd boosted its stake in shares of Chegg by 85.6% in the 3rd quarter. Quadrature Capital Ltd now owns 112,423 shares of the technology company’s stock worth $200,000 after buying an additional 51,837 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Chegg by 272.2% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after acquiring an additional 18,320 shares in the last quarter. Institutional investors own 95.18% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CHGG shares. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research note on Wednesday, November 13th. Northland Securities decreased their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. The Goldman Sachs Group dropped their price target on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Piper Sandler decreased their price objective on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Thursday, November 14th. Finally, Craig Hallum dropped their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $4.69.

About Chegg

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.