Renee Varni Budig Sells 54,347 Shares of Chegg (NYSE:CHGG) Stock

Chegg, Inc. (NYSE:CHGG) Director Renee Varni Budig sold 54,347 shares of Chegg stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $0.78, for a total transaction of $42,390.66. Following the transaction, the director directly owned 376,311 shares in the company, valued at approximately $293,522.58. This trade represents a 12.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chegg Stock Down 1.1%

Shares of Chegg stock traded down $0.01 during trading hours on Friday, hitting $0.80. The company’s stock had a trading volume of 387,159 shares, compared to its average volume of 1,535,213. Chegg, Inc. has a 1-year low of $0.45 and a 1-year high of $1.90. The business has a fifty day moving average of $0.99 and a 200 day moving average of $0.91. The company has a market capitalization of $88.38 million, a PE ratio of -1.62 and a beta of 2.17.

Chegg (NYSE:CHGG) last posted its earnings results on Thursday, August 6th. The technology company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. Chegg had a negative net margin of 19.96% and a negative return on equity of 13.38%. The business had revenue of $51.85 million for the quarter, compared to analyst estimates of $49.50 million. On average, sell-side analysts anticipate that Chegg, Inc. will post -0.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CHGG shares. Zacks Research lowered Chegg from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Weiss Ratings raised shares of Chegg from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Chegg presently has a consensus rating of “Reduce”.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership grew its stake 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 valued at $4,546,000 after purchasing an additional 2,305,872 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Chegg during the 2nd quarter valued at approximately $2,268,000. AQR Capital Management LLC grew its position in shares of Chegg by 95.9% during the first quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock worth $1,925,000 after buying an additional 1,474,640 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Chegg by 23.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,844,804 shares of the technology company’s stock worth $4,506,000 after buying an additional 907,080 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of Chegg in the second quarter worth $836,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

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.