Morgan Stanley Reaffirms “Underweight” Rating for Chegg (NYSE:CHGG)

Morgan Stanley reissued their underweight rating on shares of Chegg (NYSE:CHGGFree Report) in a research note released on Tuesday, MarketBeat reports. Morgan Stanley currently has a $1.25 price target on the technology company’s stock, down from their previous price target of $2.00.

A number of other analysts also recently issued reports on CHGG. The Goldman Sachs Group decreased their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating for the company in a report on Thursday, November 14th. Piper Sandler decreased their target price on Chegg from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Thursday, November 14th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Wednesday, November 13th. Northland Securities cut their price objective on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday, November 13th. Finally, Craig Hallum lowered their target price on shares of Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $4.50.

Check Out Our Latest Stock Report on CHGG

Chegg Stock Performance

Shares of Chegg stock opened at $1.47 on Tuesday. The business has a 50-day simple moving average of $1.92 and a 200-day simple moving average of $2.12. 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 one year low of $1.34 and a one year high of $11.25. The company has a market cap of $153.33 million, a PE ratio of -0.18 and a beta of 1.40.

Chegg (NYSE:CHGGGet Free Report) last announced 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 for the quarter, compared to the consensus estimate of $134.12 million. During the same period in the prior year, the firm posted ($0.07) EPS. The company’s quarterly revenue was down 13.5% compared to the same quarter last year. On average, equities research analysts forecast that Chegg will post 0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Pallas Capital Advisors LLC raised its holdings in shares of Chegg by 60.5% in the fourth quarter. Pallas Capital Advisors LLC now owns 17,659 shares of the technology company’s stock valued at $28,000 after buying an additional 6,658 shares during the last quarter. American Century Companies Inc. increased its position in Chegg by 11.2% in the 2nd quarter. American Century Companies Inc. now owns 119,325 shares of the technology company’s stock valued at $377,000 after acquiring an additional 11,992 shares during the period. Rhumbline Advisers raised its stake in Chegg by 7.1% during the 2nd quarter. Rhumbline Advisers now owns 183,347 shares of the technology company’s stock valued at $579,000 after acquiring an additional 12,153 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in Chegg by 26.4% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 72,709 shares of the technology company’s stock valued at $129,000 after acquiring an additional 15,180 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Chegg by 272.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 25,051 shares of the technology company’s stock valued at $44,000 after purchasing an additional 18,320 shares during the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Chegg (NYSE:CHGG)

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