Chegg, Inc. (NYSE:CHGG – Get Free Report) saw a significant growth in short interest in April. As of April 15th, there was short interest totaling 7,233,877 shares, a growth of 19.6% from the March 31st total of 6,049,209 shares. Based on an average daily volume of 1,558,718 shares, the short-interest ratio is currently 4.6 days. Currently, 6.7% of the company’s stock are sold short.
Wall Street Analysts Forecast Growth
A number of research analysts recently weighed in on CHGG shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a research report on Friday, March 27th. Zacks Research lowered shares of Chegg from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Tuesday, February 10th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Chegg presently has a consensus rating of “Reduce”.
Read Our Latest Stock Analysis on Chegg
Chegg Stock Performance
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. The business had revenue of $72.66 million for the quarter, compared to analyst estimates of $71.00 million. Chegg had a negative net margin of 27.44% and a negative return on equity of 18.30%. Equities analysts anticipate that Chegg will post -0.31 earnings per share for the current year.
Institutional Trading of Chegg
Several hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its position in Chegg by 23.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,844,804 shares of the technology company’s stock worth $4,506,000 after acquiring an additional 907,080 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Chegg by 4.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,923,979 shares of the technology company’s stock valued at $5,925,000 after purchasing an additional 167,062 shares during the period. Renaissance Technologies LLC raised its position in shares of Chegg by 9.2% in the fourth quarter. Renaissance Technologies LLC now owns 3,335,980 shares of the technology company’s stock valued at $3,102,000 after purchasing an additional 279,890 shares during the period. AQR Capital Management LLC raised its position in shares of Chegg by 95.9% in the first quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock valued at $1,925,000 after purchasing an additional 1,474,640 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Chegg by 29.1% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,200,962 shares of the technology company’s stock valued at $1,117,000 after purchasing an additional 270,785 shares during the period. 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.
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