Connor Clark & Lunn Investment Management Ltd. Sells 185,772 Shares of Chegg, Inc. $CHGG

Connor Clark & Lunn Investment Management Ltd. cut its stake in Chegg, Inc. (NYSE:CHGG) by 10.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,642,256 shares of the technology company’s stock after selling 185,772 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 1.54% of Chegg worth $1,987,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of Chegg by 78.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,670,399 shares of the technology company’s stock worth $1,068,000 after acquiring an additional 736,239 shares in the last quarter. Nuveen LLC purchased a new stake in Chegg in the first quarter worth $174,000. Baader Bank Aktiengesellschaft grew its stake in Chegg by 99.6% in the first quarter. Baader Bank Aktiengesellschaft now owns 600,001 shares of the technology company’s stock worth $384,000 after purchasing an additional 299,428 shares during the period. Wealthfront Advisers LLC raised its holdings in Chegg by 586.4% in the first quarter. Wealthfront Advisers LLC now owns 63,885 shares of the technology company’s stock worth $41,000 after purchasing an additional 54,578 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in Chegg by 11.2% during the first 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. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Stock Performance

Shares of NYSE CHGG opened at $1.09 on Monday. The firm’s 50 day moving average price is $1.35 and its 200-day moving average price is $1.28. Chegg, Inc. has a 52-week low of $0.44 and a 52-week high of $2.73. The company has a market cap of $118.56 million, a PE ratio of -1.51 and a beta of 1.93.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CHGG shares. Zacks Research downgraded shares of Chegg from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Chegg in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Strong Sell” and an average price target of $1.13.

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.