Chegg (NYSE:CHGG) Shares Cross Below 200 Day Moving Average – Here’s What Happened
by Tristan Rich · The Markets DailyChegg, Inc. (NYSE:CHGG – Get Free Report)’s stock price crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $1.01 and traded as low as $0.45. Chegg shares last traded at $0.5502, with a volume of 2,096,145 shares trading hands.
Analyst Upgrades and Downgrades
Several equities analysts have commented on the stock. Zacks Research cut shares of Chegg from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Chegg in a research report on Monday, December 29th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday, February 10th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Chegg currently has a consensus rating of “Reduce”.
Check Out Our Latest Stock Report on Chegg
Chegg Stock Down 2.9%
The company’s 50-day moving average is $0.69 and its two-hundred day moving average is $1.01. The company has a market cap of $60.12 million, a P/E ratio of -0.57 and a beta of 1.99.
Chegg (NYSE:CHGG – Get Free Report) last announced its quarterly earnings data on Monday, February 9th. The technology company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.18. Chegg had a negative net margin of 27.44% and a negative return on equity of 18.30%. The business had revenue of $72.66 million for the quarter, compared to analyst estimates of $71.00 million. On average, analysts anticipate that Chegg, Inc. will post 0.15 EPS for the current fiscal year.
Hedge Funds Weigh In On Chegg
Institutional investors have recently bought and sold shares of the company. Virtu Financial LLC bought a new stake in shares of Chegg in the fourth quarter valued at $49,000. Invesco Ltd. grew its stake in shares of Chegg by 20.1% during the 4th quarter. Invesco Ltd. now owns 453,140 shares of the technology company’s stock worth $421,000 after acquiring an additional 75,780 shares during the period. Mackenzie Financial Corp grew its stake in shares of Chegg by 14.6% during the 4th quarter. Mackenzie Financial Corp now owns 1,186,294 shares of the technology company’s stock worth $1,091,000 after acquiring an additional 151,299 shares during the period. Bridgeway Capital Management LLC increased its holdings in Chegg by 12.3% in the 4th quarter. Bridgeway Capital Management LLC now owns 697,504 shares of the technology company’s stock worth $649,000 after acquiring an additional 76,495 shares during the last quarter. Finally, Graham Capital Management L.P. increased its holdings in Chegg by 67.5% in the 4th quarter. Graham Capital Management L.P. now owns 208,863 shares of the technology company’s stock worth $194,000 after acquiring an additional 84,134 shares during the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.
About Chegg
Chegg, Inc (NYSE: CHGG) is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.
The company’s core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.