The Manufacturers Life Insurance Company Has $66,000 Stake in Chegg, Inc. (NYSE:CHGG)

The Manufacturers Life Insurance Company decreased its holdings in Chegg, Inc. (NYSE:CHGG) by 28.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 37,468 shares of the technology company’s stock after selling 14,944 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Chegg were worth $66,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of CHGG. Adero Partners LLC acquired a new position in shares of Chegg during the second quarter worth approximately $34,000. Intech Investment Management LLC acquired a new position in Chegg during the 3rd quarter worth $56,000. Vanguard Personalized Indexing Management LLC acquired a new position in Chegg during the 2nd quarter worth $60,000. Aspire Wealth Management Corp bought a new position in Chegg in the 3rd quarter valued at $69,000. Finally, Royce & Associates LP acquired a new stake in shares of Chegg in the 3rd quarter valued at $91,000. Institutional investors and hedge funds own 95.18% of the company’s stock.

Chegg Stock Down 5.2 %

Chegg stock opened at $2.20 on Wednesday. Chegg, Inc. has a fifty-two week low of $1.34 and a fifty-two week high of $11.48. 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 firm has a market capitalization of $229.48 million, a price-to-earnings ratio of -0.28 and a beta of 1.36. The company’s 50 day simple moving average is $1.89 and its 200 day simple moving average is $2.34.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The company had revenue of $136.59 million for the quarter, compared to analysts’ expectations of $134.12 million. During the same period last year, the firm posted ($0.07) earnings per share. The business’s quarterly revenue was down 13.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chegg, Inc. will post 0.12 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CHGG. The Goldman Sachs Group decreased their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Piper Sandler reduced their target price on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Thursday, November 14th. Northland Securities lowered their price target 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. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Finally, Craig Hallum lowered their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average 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.