Piper Sandler Lowers Chegg (NYSE:CHGG) Price Target to $1.50

Chegg (NYSE:CHGG) had its price objective cut by analysts at Piper Sandler from $2.00 to $1.50 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the technology company’s stock. Piper Sandler’s price objective would indicate a potential downside of 12.54% from the stock’s previous close.

A number of other research firms have also weighed in on CHGG. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research report on Wednesday. The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and cut their price target for the stock from $7.00 to $3.75 in a report on Tuesday, August 6th. Morgan Stanley decreased their price objective on Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. StockNews.com lowered shares of Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Finally, Craig Hallum reduced 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. Three research analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $4.69.

Chegg Stock Performance

Shares of Chegg stock opened at $1.72 on Thursday. The stock has a market capitalization of $178.89 million, a price-to-earnings ratio of -0.21, a price-to-earnings-growth ratio of 0.56 and a beta of 1.32. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.91 and a quick ratio of 0.89. The business has a 50-day moving average of $1.70 and a 200 day moving average of $2.70. Chegg has a 12 month low of $1.34 and a 12 month high of $11.48.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 EPS for the quarter, beating the consensus estimate 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 business had revenue of $136.59 million during the quarter, compared to analyst estimates of $134.12 million. During the same quarter last year, the firm posted ($0.07) earnings per share. The business’s revenue for the quarter was down 13.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Chegg will post 0.19 earnings per share for the current year.

Institutional Trading of Chegg

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gladius Capital Management LP acquired a new position in shares of Chegg in the 2nd quarter valued at $27,000. Allspring Global Investments Holdings LLC acquired a new position in Chegg in the first quarter valued at $30,000. Adero Partners LLC purchased a new position in Chegg during the 2nd quarter worth approximately $34,000. Point72 Asia Singapore Pte. Ltd. increased its position in Chegg by 272.2% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock worth $44,000 after buying an additional 18,320 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in Chegg in the third quarter valued at approximately $56,000. Institutional investors and hedge funds own 95.18% of the company’s stock.

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.