Chegg, Inc. (NYSE:CHGG) Short Interest Update

Chegg, Inc. (NYSE:CHGG) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 7,240,000 shares, a growth of 35.8% from the September 30th total of 5,330,000 shares. Currently, 7.2% of the company’s shares are short sold. Based on an average trading volume of 3,450,000 shares, the short-interest ratio is currently 2.1 days. Based on an average trading volume of 3,450,000 shares, the short-interest ratio is currently 2.1 days. Currently, 7.2% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CHGG. Zacks Research downgraded shares of Chegg from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Chegg in a research note on Wednesday, October 8th. Five analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $1.70.

Chegg Stock Down 0.4%

NYSE CHGG traded down $0.00 on Tuesday, hitting $0.94. 1,302,883 shares of the stock were exchanged, compared to its average volume of 3,488,201. Chegg has a fifty-two week low of $0.44 and a fifty-two week high of $2.73. The company has a market cap of $101.61 million, a PE ratio of -0.36 and a beta of 1.93. The company has a 50-day moving average price of $1.43 and a 200-day moving average price of $1.25.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHGG. Arrowstreet Capital Limited Partnership grew its holdings in Chegg by 158.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,756,917 shares of the technology company’s stock worth $4,546,000 after acquiring an additional 2,305,872 shares in the last quarter. AQR Capital Management LLC grew its holdings in Chegg by 95.9% during the 1st quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock worth $1,925,000 after acquiring an additional 1,474,640 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Chegg by 78.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,670,399 shares of the technology company’s stock worth $1,068,000 after acquiring an additional 736,239 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Chegg during the 1st quarter worth approximately $387,000. Finally, Acadian Asset Management LLC boosted its holdings in shares of Chegg by 11.2% in the 1st quarter. Acadian Asset Management LLC now owns 4,175,681 shares of the technology company’s stock valued at $2,664,000 after buying an additional 421,796 shares in the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

About Chegg

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.