Craig Hallum Lowers Chegg (NYSE:CHGG) Price Target to $1.50

Chegg (NYSE:CHGG) had its target price decreased by investment analysts at Craig Hallum from $3.00 to $1.50 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Craig Hallum’s target price points to a potential downside of 12.54% from the stock’s current price.

A number of other research firms have also issued reports on CHGG. 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Wednesday. Northland Securities reduced their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a research note on Wednesday. StockNews.com downgraded Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Finally, Piper Sandler reduced their price target on Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $4.69.

Chegg Trading Up 8.5 %

NYSE CHGG opened at $1.72 on Wednesday. Chegg has a 12-month low of $1.34 and a 12-month high of $11.48. The company has a fifty day simple moving average of $1.70 and a two-hundred day simple moving average of $2.74. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.31.

Chegg (NYSE:CHGG) last issued its earnings results on Tuesday, November 12th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The company 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%. The firm’s quarterly revenue was down 13.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.07) EPS. On average, equities research analysts expect that Chegg will post 0.19 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CHGG. Acadian Asset Management LLC raised its holdings in shares of 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. AQR Capital Management LLC boosted its stake in Chegg by 284.9% during the 2nd quarter. AQR Capital Management LLC now owns 2,878,869 shares of the technology company’s stock worth $8,694,000 after purchasing an additional 2,130,998 shares during the last quarter. Millennium Management LLC grew its holdings in shares of 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 in the last quarter. Divisadero Street Capital Management LP acquired a new stake in shares of Chegg in the second quarter valued at about $3,501,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Chegg by 23,988.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 947,637 shares of the technology company’s stock worth $2,995,000 after buying an additional 943,703 shares in the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.