Fmr LLC Boosts Stock Position in Chegg, Inc. (NYSE:CHGG)

Fmr LLC boosted its holdings in shares of Chegg, Inc. (NYSE:CHGG) by 12.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 323,018 shares of the technology company’s stock after purchasing an additional 35,892 shares during the quarter. Fmr LLC’s holdings in Chegg were worth $572,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of CHGG. Dimensional Fund Advisors LP increased its stake in Chegg by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,585,055 shares of the technology company’s stock worth $14,488,000 after acquiring an additional 433,709 shares during the last quarter. AQR Capital Management LLC lifted its position in Chegg by 284.9% in the second quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after buying an additional 2,130,998 shares during the last quarter. Millennium Management LLC boosted its stake in Chegg by 158.4% during the second quarter. Millennium Management LLC now owns 2,221,344 shares of the technology company’s stock worth $7,019,000 after buying an additional 1,361,710 shares during the period. Acadian Asset Management LLC increased its position in Chegg by 11,517.3% during the second quarter. Acadian Asset Management LLC now owns 2,154,885 shares of the technology company’s stock valued at $6,807,000 after acquiring an additional 2,136,336 shares during the last quarter. Finally, Divisadero Street Capital Management LP bought a new stake in shares of Chegg in the 2nd quarter worth about $3,501,000. Institutional investors own 95.18% of the company’s stock.

Chegg Price Performance

Shares of CHGG stock opened at $1.97 on Thursday. The stock has a market capitalization of $205.48 million, a price-to-earnings ratio of -0.25 and a beta of 1.36. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.31. Chegg, Inc. has a twelve month low of $1.34 and a twelve month high of $11.48. The stock has a fifty day simple moving average of $1.90 and a two-hundred day simple moving average of $2.33.

Chegg (NYSE:CHGG) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 2.36%. The company’s quarterly revenue was down 13.5% on a year-over-year basis. During the same period last year, the firm earned ($0.07) earnings per share. On average, analysts predict that Chegg, Inc. will post 0.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CHGG has been the topic of several analyst reports. Craig Hallum cut their price target 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. The Goldman Sachs Group reduced 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. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Wednesday, November 13th. Northland Securities cut their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 13th. Finally, Piper Sandler lowered their target price on shares of Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Three equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $4.69.

Chegg 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.