Chegg (NYSE:CHGG) Stock Passes Below 200 Day Moving Average – Time to Sell?

Chegg, Inc. (NYSE:CHGG) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.18 and traded as low as $0.7310. Chegg shares last traded at $0.7730, with a volume of 2,021,523 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Zacks Research downgraded Chegg from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Chegg in a research report on Monday, December 29th. Two research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Chegg currently has a consensus rating of “Strong Sell” and an average price target of $1.00.

Chegg Price Performance

The stock has a market cap of $84.47 million, a price-to-earnings ratio of -1.07 and a beta of 1.95. The stock’s 50 day simple moving average is $0.90 and its two-hundred day simple moving average is $1.18.

Institutional Investors Weigh In On Chegg

Several hedge funds and other institutional investors have recently made changes to their positions in CHGG. Arrowstreet Capital Limited Partnership grew its position in shares of 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 buying an additional 2,305,872 shares during the period. AQR Capital Management LLC grew its holdings in shares of Chegg by 95.9% in the 1st quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock valued at $1,925,000 after buying an additional 1,474,640 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Chegg by 227.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 930,177 shares of the technology company’s stock valued at $1,405,000 after buying an additional 645,874 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in Chegg in the third quarter valued at about $484,000. Finally, UBS Group AG increased its holdings in shares of Chegg by 64.9% in the third quarter. UBS Group AG now owns 560,943 shares of the technology company’s stock worth $847,000 after acquiring an additional 220,752 shares in the last quarter. 95.18% of the stock is owned by institutional investors and hedge funds.

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.