Chegg Sees Unusually Large Options Volume (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) was the target of some unusual options trading on Tuesday. Traders bought 4,974 call options on the stock. This is an increase of 164% compared to the average daily volume of 1,881 call options.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Zacks Research upgraded shares of Chegg from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a report on Monday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Chegg presently has a consensus rating of “Reduce” and an average target price of $1.13.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CHGG. Charles Schwab Investment Management Inc. grew its holdings in Chegg by 78.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,670,399 shares of the technology company’s stock valued at $1,068,000 after purchasing an additional 736,239 shares during the period. Nuveen LLC acquired a new position in shares of Chegg in the 1st quarter valued at $174,000. Acadian Asset Management LLC grew its stake in shares of Chegg by 11.2% during 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 during the period. Hsbc Holdings PLC grew its stake in shares of Chegg by 45.7% during the 1st quarter. Hsbc Holdings PLC now owns 73,152 shares of the technology company’s stock valued at $46,000 after buying an additional 22,946 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Chegg in the 2nd quarter worth $80,000. 95.18% of the stock is currently owned by hedge funds and other institutional investors.

Chegg Price Performance

CHGG stock traded down $0.03 during midday trading on Tuesday, hitting $0.93. The stock had a trading volume of 1,006,724 shares, compared to its average volume of 3,257,608. The company’s 50-day moving average price is $1.01 and its 200 day moving average price is $1.26. The firm has a market cap of $101.19 million, a PE ratio of -1.29 and a beta of 1.99. Chegg has a 12-month low of $0.44 and a 12-month high of $1.90.

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.