Chegg, Inc. (NYSE:CHGG – Get Free Report) Director Renee Varni Budig sold 54,347 shares of Chegg stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $0.78, for a total value of $42,390.66. Following the completion of the transaction, the director directly owned 376,311 shares of the company’s stock, valued at $293,522.58. This represents a 12.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Chegg Stock Performance
CHGG opened at $0.79 on Friday. The firm has a market cap of $88.05 million, a P/E ratio of -1.62 and a beta of 2.17. Chegg, Inc. has a 52-week low of $0.45 and a 52-week high of $1.90. The business’s fifty day moving average is $0.98 and its 200-day moving average is $0.91.
Chegg (NYSE:CHGG – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The technology company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $51.85 million for the quarter, compared to analysts’ expectations of $49.50 million. Chegg had a negative return on equity of 13.38% and a negative net margin of 19.96%. On average, research analysts predict that Chegg, Inc. will post -0.22 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Check Out Our Latest Research Report on CHGG
Hedge Funds Weigh In On Chegg
A number of institutional investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. bought a new position in Chegg in the second quarter valued at about $809,000. BlackRock Inc. bought a new position in shares of Chegg in the second quarter worth about $2,268,000. Bank of New York Mellon Corp bought a new position in shares of Chegg in the second quarter worth about $228,000. Bank of America Corp DE boosted its stake in shares of Chegg by 12.1% in the 1st quarter. Bank of America Corp DE now owns 119,544 shares of the technology company’s stock valued at $89,000 after purchasing an additional 12,923 shares in the last quarter. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Chegg in the 3rd quarter valued at approximately $32,000. Institutional investors and hedge funds 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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