Chegg (NYSE:CHGG) Stock Price Passes Below Two Hundred Day Moving Average – Here’s What Happened

Shares of Chegg, Inc. (NYSE:CHGG) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.96 and traded as low as $0.6625. Chegg shares last traded at $0.6720, with a volume of 1,014,819 shares changing hands.

Wall Street Analysts Forecast Growth

CHGG has been the subject of a number of recent research reports. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Tuesday, February 10th. Zacks Research downgraded shares of Chegg from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Chegg in a report on Friday, March 27th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Chegg has an average rating of “Reduce”.

Chegg Stock Performance

The stock has a market cap of $77.36 million, a PE ratio of -0.74 and a beta of 1.85. The firm has a 50-day moving average price of $0.65 and a 200-day moving average price of $0.96.

Chegg (NYSE:CHGG) last released its quarterly earnings data on Monday, February 9th. The technology company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.18. The business had revenue of $72.66 million during 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%. As a group, sell-side analysts anticipate that Chegg, Inc. will post 0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Chegg

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHGG. Virtu Financial LLC bought a new stake in shares of Chegg in the 4th quarter worth $49,000. Invesco Ltd. increased 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 in the last quarter. Mackenzie Financial Corp increased 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 in the last quarter. Bridgeway Capital Management LLC raised its position 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 last quarter. Finally, Graham Capital Management L.P. lifted its stake in Chegg by 67.5% during the 4th quarter. Graham Capital Management L.P. now owns 208,863 shares of the technology company’s stock valued at $194,000 after acquiring an additional 84,134 shares during the period. 95.18% of the stock is owned by institutional investors.

Chegg Company Profile

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.