Chegg (NYSE:CHGG) Stock Price Passes Below Two Hundred Day Moving Average – What’s Next?

Chegg, Inc. (NYSE:CHGG) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.61 and traded as low as $0.62. Chegg shares last traded at $0.63, with a volume of 5,733,293 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CHGG. Piper Sandler lowered their price target on shares of Chegg from $1.50 to $1.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 25th. Morgan Stanley reiterated an “underweight” rating and set a $1.25 price objective (down previously from $2.00) on shares of Chegg in a research note on Tuesday, January 14th. Finally, Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Tuesday, February 25th. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2.08.

Chegg Stock Performance

The stock has a market capitalization of $77.04 million, a P/E ratio of -0.09 and a beta of 1.52. The company’s fifty day simple moving average is $1.19 and its two-hundred day simple moving average is $1.59. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91.

Institutional Trading of Chegg

Several hedge funds have recently added to or reduced their stakes in CHGG. Public Employees Retirement System of Ohio increased its position in Chegg by 54.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 99,256 shares of the technology company’s stock worth $160,000 after buying an additional 35,100 shares during the period. Virtus Fund Advisers LLC bought a new position in Chegg during the fourth quarter worth about $28,000. Virtus Investment Advisers Inc. acquired a new stake in Chegg in the 4th quarter worth about $479,000. Two Sigma Advisers LP boosted its holdings in Chegg by 1.1% in the 4th quarter. Two Sigma Advisers LP now owns 2,088,900 shares of the technology company’s stock valued at $3,363,000 after purchasing an additional 22,100 shares during the period. Finally, Two Sigma Investments LP boosted its holdings in Chegg by 8.2% in the 4th quarter. Two Sigma Investments LP now owns 2,254,234 shares of the technology company’s stock valued at $3,629,000 after purchasing an additional 170,077 shares during the period. 95.18% of the stock is owned by institutional investors and hedge funds.

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.