Chegg (NYSE:CHGG) Share Price Passes Above 50-Day Moving Average – Here’s Why

Chegg, Inc. (NYSE:CHGG) shares crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $0.65 and traded as high as $0.75. Chegg shares last traded at $0.7180, with a volume of 387,533 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research note on Tuesday, February 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Chegg in a research note on Friday, March 27th. Finally, Zacks Research lowered shares of Chegg from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce”.

Chegg Trading Down 4.4%

The stock has a market capitalization of $78.46 million, a PE ratio of -0.75 and a beta of 1.86. The firm has a 50 day moving average price of $0.65 and a 200 day moving average price of $0.93.

Chegg (NYSE:CHGG) last posted 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 firm had revenue of $72.66 million during the quarter, compared to analyst estimates of $71.00 million. Chegg had a negative return on equity of 18.30% and a negative net margin of 27.44%. On average, equities research analysts expect that Chegg, Inc. will post 0.15 EPS for the current year.

Institutional Investors Weigh In On Chegg

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Virtu Financial LLC purchased a new stake in shares of Chegg in the 4th quarter worth $49,000. Invesco Ltd. boosted its holdings in Chegg by 20.1% in the 4th quarter. Invesco Ltd. now owns 453,140 shares of the technology company’s stock worth $421,000 after buying an additional 75,780 shares during the period. Mackenzie Financial Corp boosted its holdings in Chegg by 14.6% in the 4th quarter. Mackenzie Financial Corp now owns 1,186,294 shares of the technology company’s stock worth $1,091,000 after buying an additional 151,299 shares during the period. Bridgeway Capital Management LLC boosted its holdings in Chegg by 12.3% in the 4th quarter. Bridgeway Capital Management LLC now owns 697,504 shares of the technology company’s stock worth $649,000 after buying an additional 76,495 shares during the period. Finally, Graham Capital Management L.P. boosted its holdings in Chegg by 67.5% in the 4th quarter. Graham Capital Management L.P. now owns 208,863 shares of the technology company’s stock worth $194,000 after buying an additional 84,134 shares during the period. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

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.