Chegg (CHGG) Trading Down 9.3%

Chegg, Inc. (NYSE:CHGG) fell 9.3% during trading on Tuesday . The company traded as low as $14.00 and last traded at $14.00. 1,385,000 shares were traded during mid-day trading, an increase of 40% from the average session volume of 992,728 shares. The stock had previously closed at $15.44.

A number of brokerages recently commented on CHGG. Zacks Investment Research cut shares of Chegg from a “buy” rating to a “hold” rating in a research note on Monday, September 25th. BidaskClub cut shares of Chegg from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Jefferies Group reissued a “buy” rating and issued a $17.00 price objective on shares of Chegg in a research note on Thursday, September 7th. First Analysis cut shares of Chegg from an “overweight” rating to an “equal weight” rating and set a $18.00 price objective on the stock. in a research note on Tuesday, October 31st. Finally, Northland Securities reissued a “buy” rating and issued a $18.00 price objective on shares of Chegg in a research note on Wednesday, November 1st. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $15.42.

Chegg (NYSE:CHGG) last released its quarterly earnings results on Monday, October 30th. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. Chegg had a negative net margin of 10.40% and a negative return on equity of 5.06%. The company had revenue of $62.60 million for the quarter, compared to analysts’ expectations of $57.75 million. During the same period last year, the company earned ($0.17) EPS. The firm’s revenue for the quarter was down 12.2% compared to the same quarter last year. analysts forecast that Chegg, Inc. will post -0.09 earnings per share for the current fiscal year.

In other news, CEO Daniel Rosensweig sold 200,000 shares of the stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $14.03, for a total transaction of $2,806,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Esther Lem sold 10,000 shares of the stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $14.36, for a total transaction of $143,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 645,154 shares of company stock worth $9,466,299. Insiders own 20.40% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. purchased a new position in Chegg in the second quarter valued at approximately $104,000. Great West Life Assurance Co. Can raised its stake in shares of Chegg by 106.2% during the third quarter. Great West Life Assurance Co. Can now owns 7,359 shares of the technology company’s stock valued at $108,000 after purchasing an additional 3,790 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Chegg by 1,829.9% during the second quarter. BNP Paribas Arbitrage SA now owns 9,051 shares of the technology company’s stock valued at $111,000 after purchasing an additional 8,582 shares during the period. Stifel Financial Corp purchased a new stake in shares of Chegg during the second quarter valued at approximately $116,000. Finally, Bank of America Corp DE raised its stake in shares of Chegg by 29.0% during the first quarter. Bank of America Corp DE now owns 14,267 shares of the technology company’s stock valued at $120,000 after purchasing an additional 3,205 shares during the period.

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About Chegg

Chegg, Inc is a student-first connected learning platform. The Company helps students study for college admission exams, find the colleges, get grades and test scores while in school, and find internships that allow them to gain skills to help them enter the workforce after college. The Company matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States.

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