Chegg Target of Unusually High Options Trading (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) saw some unusual options trading activity on Thursday. Stock traders bought 4,860 put options on the company. This represents an increase of 169% compared to the typical volume of 1,806 put options.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CHGG. JPMorgan Chase & Co. reduced their price target on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Tuesday, February 6th. The Goldman Sachs Group decreased their target price on Chegg from $8.00 to $7.00 and set a “sell” rating on the stock in a research note on Tuesday, February 6th. BMO Capital Markets dropped their price target on Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a research report on Tuesday, February 6th. Piper Sandler cut shares of Chegg from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $9.00 to $8.50 in a research report on Tuesday, February 6th. Finally, StockNews.com upgraded shares of Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Chegg has an average rating of “Hold” and a consensus price target of $10.22.

Chegg Trading Up 1.9 %

CHGG stock opened at $7.03 on Friday. The company has a market capitalization of $723.74 million, a PE ratio of -43.94, a price-to-earnings-growth ratio of 1.32 and a beta of 1.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.80 and a current ratio of 0.80. Chegg has a one year low of $6.63 and a one year high of $18.77. The company’s 50 day moving average price is $8.02 and its two-hundred day moving average price is $9.15.

Chegg (NYSE:CHGG) last issued its earnings results on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, hitting analysts’ consensus estimates of $0.36. Chegg had a net margin of 2.54% and a return on equity of 1.27%. The company had revenue of $187.99 million for the quarter, compared to analysts’ expectations of $185.94 million. During the same quarter last year, the company earned $0.16 EPS. The firm’s revenue was down 8.4% compared to the same quarter last year. As a group, analysts predict that Chegg will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Chegg

A number of hedge funds and other institutional investors have recently modified their holdings of CHGG. Captrust Financial Advisors grew its position in Chegg by 79.6% during the 1st quarter. Captrust Financial Advisors now owns 2,012 shares of the technology company’s stock worth $73,000 after acquiring an additional 892 shares during the last quarter. Virtus Fund Advisers LLC bought a new stake in Chegg in the fourth quarter valued at approximately $29,000. Point72 Asset Management L.P. purchased a new stake in shares of Chegg during the second quarter valued at approximately $25,000. AM Squared Ltd bought a new position in shares of Chegg in the first quarter worth approximately $47,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Chegg in the first quarter worth $30,000. Institutional investors own 95.18% of the company’s stock.

About Chegg

Chegg, Inc operates a direct-to-student learning platform that helps learners build essential life and job skills to accelerate their path from learning programs in the United States and internationally. Its subscription services include Chegg Study, which offers personalized step-by-step learning support from AI, computational engines, and subject matter experts, as well as Tinger Gold and DashPash Student services; Chegg Writing that provides students with a suite of tools, such as plagiarism detection scans, grammar and writing fluency checking, expert personalized writing feedback, and premium citation generation; Chegg Math, a step-by-step math problem solver and calculator that helps students to solve problems; Chegg Study Pack, a bundle of various subscription product offerings, including Chegg Study, Chegg Writing, and Chegg Math services; and Busuu, an online language learning platform that offers comprehensive support through self-paced lessons, live classes with expert tutors, and a community of members to practice alongside.