Chegg (NYSE:CHGG) Reaches New 1-Year Low at $4.96

Shares of Chegg, Inc. (NYSE:CHGG) hit a new 52-week low on Wednesday . The stock traded as low as $4.96 and last traded at $4.96, with a volume of 3520465 shares traded. The stock had previously closed at $5.06.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Jefferies Financial Group downgraded shares of Chegg from a “hold” rating to an “underperform” rating and decreased their price objective for the company from $7.00 to $4.00 in a report on Tuesday, April 30th. JPMorgan Chase & Co. dropped their target price on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. StockNews.com raised shares of Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 23rd. Piper Sandler Companies lowered shares of Chegg to an “underweight” rating and decreased their target price for the stock from $9.00 to $8.50 in a research note on Tuesday, February 6th. Finally, The Goldman Sachs Group cut their price objective on shares of Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a research report on Tuesday, February 6th. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $7.31.

Chegg Stock Down 1.9 %

The company has a market cap of $507.51 million, a price-to-earnings ratio of -26.32, a price-to-earnings-growth ratio of 0.98 and a beta of 1.35. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92. The business has a 50-day simple moving average of $7.31 and a 200-day simple moving average of $8.95.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.36. Chegg had a net margin of 2.07% and a return on equity of 0.87%. The company had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. During the same quarter in the previous year, the firm earned $0.16 earnings per share. The firm’s quarterly revenue was down 8.4% on a year-over-year basis. On average, equities analysts anticipate that Chegg, Inc. will post 0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Chegg during the first quarter worth approximately $30,000. Headlands Technologies LLC purchased a new position in Chegg during the 4th quarter worth $48,000. Moors & Cabot Inc. acquired a new stake in shares of Chegg during the third quarter worth about $98,000. Shell Asset Management Co. increased its position in Chegg by 48.8% in the 3rd quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock valued at $102,000 after acquiring an additional 3,748 shares during the period. Finally, Quest Partners LLC acquired a new stake in Chegg during the 4th quarter worth approximately $114,000. 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.