Chegg, Inc. (NYSE:CHGG) Short Interest Down 7.0% in November

Chegg, Inc. (NYSE:CHGG) was the recipient of a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 9,930,000 shares, a decrease of 7.0% from the November 15th total of 10,680,000 shares. Based on an average daily volume of 4,120,000 shares, the short-interest ratio is currently 2.4 days. Approximately 10.1% of the shares of the company are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Adero Partners LLC purchased a new position in shares of Chegg in the second quarter valued at $34,000. Vanguard Personalized Indexing Management LLC bought a new stake in Chegg in the second quarter worth $60,000. Point72 Asia Singapore Pte. Ltd. lifted its position in Chegg by 272.2% in 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 last quarter. SG Americas Securities LLC bought a new stake in Chegg in the second quarter worth $99,000. Finally, Intech Investment Management LLC bought a new stake in Chegg in the third quarter worth $56,000. 95.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Craig Hallum lowered their price objective on shares of Chegg from $3.00 to $1.50 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Northland Securities decreased their target price on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th. Piper Sandler decreased 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. The Goldman Sachs Group decreased their target price on shares of Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Finally, Needham & Company LLC restated a “hold” rating on shares of Chegg in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $4.69.

Chegg Price Performance

CHGG traded up $0.12 during trading on Monday, reaching $2.31. 3,837,676 shares of the company traded hands, compared to its average volume of 3,689,292. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.91 and a current ratio of 0.91. Chegg has a 12-month low of $1.34 and a 12-month high of $11.48. The firm has a fifty day simple moving average of $1.87 and a 200 day simple moving average of $2.35. The company has a market cap of $240.95 million, a P/E ratio of -0.27 and a beta of 1.36.

Chegg (NYSE:CHGG) last announced 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. 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 period last year, the firm posted ($0.07) EPS. The company’s revenue was down 13.5% on a year-over-year basis. On average, equities analysts forecast that Chegg will post 0.12 EPS for the current year.

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.