Harber Asset Management LLC Acquires Shares of 257,663 Chegg, Inc. (NYSE:CHGG)

Harber Asset Management LLC acquired a new stake in Chegg, Inc. (NYSE:CHGG) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 257,663 shares of the technology company’s stock, valued at approximately $2,927,000. Harber Asset Management LLC owned about 0.22% of Chegg as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jump Financial LLC boosted its position in shares of Chegg by 64.8% during the fourth quarter. Jump Financial LLC now owns 48,200 shares of the technology company’s stock worth $548,000 after purchasing an additional 18,944 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Chegg by 221.5% during the fourth quarter. BNP Paribas Financial Markets now owns 572,918 shares of the technology company’s stock worth $6,508,000 after purchasing an additional 394,714 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Chegg by 39.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,648,182 shares of the technology company’s stock worth $30,084,000 after purchasing an additional 750,677 shares in the last quarter. Quest Partners LLC bought a new position in shares of Chegg during the fourth quarter worth $114,000. Finally, Principal Financial Group Inc. raised its holdings in shares of Chegg by 30.0% during the fourth quarter. Principal Financial Group Inc. now owns 89,569 shares of the technology company’s stock worth $1,018,000 after acquiring an additional 20,682 shares during the period. 95.18% of the stock is owned by institutional investors.

Chegg Stock Performance

Shares of CHGG stock traded down $0.03 during midday trading on Monday, hitting $3.67. 2,333,108 shares of the company were exchanged, compared to its average volume of 3,088,040. The firm has a market capitalization of $375.15 million, a P/E ratio of -19.32, a PEG ratio of 0.69 and a beta of 1.37. 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 firm’s 50 day moving average price is $5.41 and its two-hundred day moving average price is $8.13. Chegg, Inc. has a 52 week low of $3.51 and a 52 week high of $13.11.

Chegg (NYSE:CHGG) last announced its earnings results on Monday, April 29th. The technology company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). The company had revenue of $174.35 million for the quarter, compared to the consensus estimate of $174.05 million. Chegg had a return on equity of 0.87% and a net margin of 2.07%. As a group, equities research analysts anticipate that Chegg, Inc. will post 0.27 earnings per share for the current year.

Wall Street Analyst Weigh In

CHGG has been the topic of a number of research analyst reports. Craig Hallum restated a “hold” rating and set a $7.00 price objective (down from $13.00) on shares of Chegg in a report on Tuesday, April 30th. Jefferies Financial Group lowered shares of Chegg from a “hold” rating to an “underperform” rating and dropped their price objective for the stock from $7.00 to $4.00 in a report on Tuesday, April 30th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a report on Tuesday, April 30th. Morgan Stanley lowered their price target on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Friday, April 19th. Finally, Piper Sandler reiterated an “underweight” rating and issued a $6.00 price target (down from $8.50) on shares of Chegg in a research note on Tuesday, April 30th. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $7.31.

Chegg 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.