Chegg Sees Unusually Large Options Volume (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) was the recipient of some unusual options trading on Thursday. Traders purchased 4,860 put options on the stock. This is an increase of 169% compared to the typical daily volume of 1,806 put options.

Analyst Upgrades and Downgrades

CHGG has been the subject of several research reports. Piper Sandler lowered shares of Chegg from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $9.00 to $8.50 in a report on Tuesday, February 6th. The Goldman Sachs Group reduced their target price on Chegg from $8.00 to $7.00 and set a “sell” rating on the stock in a report on Tuesday, February 6th. Piper Sandler Companies cut Chegg to an “underweight” rating and lowered their target price for the company from $9.00 to $8.50 in a research note on Tuesday, February 6th. BMO Capital Markets reduced their price target on Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 6th. Finally, JPMorgan Chase & Co. decreased their price objective on Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $10.22.

Chegg Stock Up 4.2 %

Shares of CHGG traded up $0.29 during trading hours on Thursday, hitting $7.19. The company had a trading volume of 605,176 shares, compared to its average volume of 2,667,998. The stock has a market capitalization of $740.21 million, a price-to-earnings ratio of -43.69, a P/E/G ratio of 1.32 and a beta of 1.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.80 and a current ratio of 0.80. Chegg has a 52-week low of $6.63 and a 52-week high of $18.77. The firm has a fifty day moving average price of $8.05 and a 200-day moving average price of $9.16.

Chegg (NYSE:CHGG) last posted its earnings results on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, hitting analysts’ consensus estimates of $0.36. Chegg had a return on equity of 1.27% and a net margin of 2.54%. The business had revenue of $187.99 million during the quarter, compared to analyst estimates of $185.94 million. During the same quarter last year, the company earned $0.16 EPS. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. On average, equities research analysts forecast that Chegg will post 0.26 EPS for the current fiscal year.

Institutional Trading of Chegg

Large investors have recently made changes to their positions in the stock. Sylebra Capital LLC bought a new stake in shares of Chegg in the third quarter worth $61,286,000. Sylebra Capital Ltd increased its position in shares of Chegg by 301.6% during the 1st quarter. Sylebra Capital Ltd now owns 3,662,649 shares of the technology company’s stock valued at $59,701,000 after purchasing an additional 2,750,725 shares during the last quarter. Norges Bank purchased a new stake in shares of Chegg during the 4th quarter valued at about $45,304,000. Dimensional Fund Advisors LP lifted its stake in shares of Chegg by 81.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,940,001 shares of the technology company’s stock worth $47,922,000 after purchasing an additional 1,320,462 shares during the period. Finally, Boston Partners purchased a new position in shares of Chegg in the fourth quarter worth approximately $12,091,000. 95.18% of the stock is currently owned by institutional investors.

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.