Investors Purchase Large Volume of Chegg Call Options (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) was the recipient of some unusual options trading on Wednesday. Stock traders bought 3,311 call options on the stock. This represents an increase of approximately 58% compared to the average daily volume of 2,101 call options.

Chegg Trading Down 0.3%

Chegg stock traded down $0.00 during trading on Wednesday, hitting $0.96. 672,168 shares of the company were exchanged, compared to its average volume of 1,223,220. The business’s 50 day moving average is $0.66 and its 200 day moving average is $0.90. Chegg has a 52 week low of $0.45 and a 52 week high of $1.90. The company has a market capitalization of $105.34 million, a P/E ratio of -1.01 and a beta of 1.86.

Chegg (NYSE:CHGG) last announced its quarterly earnings results on Monday, February 9th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.18. Chegg had a negative return on equity of 18.30% and a negative net margin of 27.44%.The business had revenue of $72.66 million during the quarter, compared to the consensus estimate of $71.00 million. Equities analysts expect that Chegg will post 0.15 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Chegg in a report on Friday, March 27th. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a report on Tuesday, February 10th. Finally, Zacks Research downgraded Chegg from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Chegg presently has a consensus rating of “Reduce”.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its position in Chegg by 95.9% in the first quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock worth $1,925,000 after purchasing an additional 1,474,640 shares during the last quarter. Empowered Funds LLC boosted its position in Chegg by 8.5% in the first quarter. Empowered Funds LLC now owns 424,563 shares of the technology company’s stock worth $271,000 after purchasing an additional 33,269 shares during the last quarter. Graham Capital Management L.P. boosted its position in Chegg by 67.5% in the fourth quarter. Graham Capital Management L.P. now owns 208,863 shares of the technology company’s stock worth $194,000 after purchasing an additional 84,134 shares during the last quarter. RBF Capital LLC purchased a new position in Chegg in the fourth quarter worth $161,000. Finally, Centiva Capital LP purchased a new position in Chegg in the third quarter worth $128,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Company Profile

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.