Craig Hallum Cuts Chegg (NYSE:CHGG) Price Target to $1.50

Chegg (NYSE:CHGG) had its target price lowered by Craig Hallum from $3.00 to $1.50 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the technology company’s stock.

A number of other research analysts also recently commented on the stock. The Goldman Sachs Group raised shares of Chegg from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $7.00 to $3.75 in a research report on Tuesday, August 6th. Northland Securities lowered their price target on shares of Chegg from $4.00 to $3.00 and set a “market perform” rating on the stock in a report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Wednesday. Piper Sandler lowered their target price on Chegg from $6.00 to $2.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 6th. Finally, StockNews.com downgraded Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $4.97.

Chegg Trading Down 11.0 %

NYSE:CHGG opened at $1.58 on Wednesday. The stock has a market cap of $161.00 million, a PE ratio of -0.20, a price-to-earnings-growth ratio of 0.63 and a beta of 1.32. Chegg has a fifty-two week low of $1.34 and a fifty-two week high of $11.48. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.89 and a quick ratio of 0.89. The stock’s 50-day moving average is $1.71 and its two-hundred day moving average is $2.74.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Banco Santander S.A. boosted its position in Chegg by 3.8% during the first quarter. Banco Santander S.A. now owns 101,773 shares of the technology company’s stock worth $770,000 after purchasing an additional 3,760 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Chegg in the first quarter worth $30,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Chegg by 6.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 71,990 shares of the technology company’s stock worth $545,000 after buying an additional 4,250 shares during the period. Quent Capital LLC grew its stake in Chegg by 35.0% in the 2nd quarter. Quent Capital LLC now owns 30,460 shares of the technology company’s stock valued at $96,000 after buying an additional 7,892 shares during the last quarter. Finally, Gladius Capital Management LP bought a new position in Chegg in the 2nd quarter worth $27,000. 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.