The Goldman Sachs Group Has Lowered Expectations for Chegg (NYSE:CHGG) Stock Price

Chegg (NYSE:CHGG) had its price objective decreased by The Goldman Sachs Group from $3.75 to $1.75 in a research report released on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the technology company’s stock.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a research note on Wednesday. Craig Hallum decreased their target price on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a research report on Wednesday. Northland Securities dropped their price target on Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a research report on Wednesday. Piper Sandler decreased their price objective on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Thursday. Finally, StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, Chegg has a consensus rating of “Hold” and an average target price of $4.69.

Chegg Stock Up 0.6 %

Shares of Chegg stock opened at $1.72 on Thursday. Chegg has a 12-month low of $1.34 and a 12-month high of $11.48. The firm has a market capitalization of $179.41 million, a PE ratio of -0.22, a price-to-earnings-growth ratio of 0.56 and a beta of 1.32. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.31. The stock’s fifty day moving average is $1.70 and its 200-day moving average is $2.68.

Chegg (NYSE:CHGG) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.09 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 company had revenue of $136.59 million during the quarter, compared to analyst estimates of $134.12 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. The business’s quarterly revenue was down 13.5% on a year-over-year basis. Equities analysts anticipate that Chegg will post 0.19 earnings per share for the current year.

Hedge Funds Weigh In On Chegg

A number of hedge funds have recently added to or reduced their stakes in CHGG. Geode Capital Management LLC lifted its stake in Chegg by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,315,187 shares of the technology company’s stock valued at $4,099,000 after acquiring an additional 26,574 shares during the last quarter. XTX Topco Ltd raised its holdings in shares of Chegg by 384.4% during the 3rd quarter. XTX Topco Ltd now owns 394,152 shares of the technology company’s stock valued at $698,000 after purchasing an additional 312,780 shares in the last quarter. Quadrature Capital Ltd lifted its stake in shares of Chegg by 85.6% in the 3rd quarter. Quadrature Capital Ltd now owns 112,423 shares of the technology company’s stock valued at $200,000 after purchasing an additional 51,837 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its holdings 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 purchasing an additional 18,320 shares in the last quarter. Finally, Firsthand Capital Management Inc. increased its position in Chegg by 1,030.4% during the third quarter. Firsthand Capital Management Inc. now owns 260,000 shares of the technology company’s stock worth $460,000 after buying an additional 237,000 shares during the last quarter. 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.