Chegg (NYSE:CHGG) Shares Cross Above 50 Day Moving Average – Here’s Why

Chegg, Inc. (NYSE:CHGG) passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $0.96 and traded as high as $0.9643. Chegg shares last traded at $0.9550, with a volume of 874,743 shares.

Analyst Ratings Changes

Several analysts have recently commented on the company. Zacks Research upgraded Chegg from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Chegg in a research report on Monday, December 29th. One investment 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $1.13.

Chegg Price Performance

The business’s fifty day moving average price is $0.96 and its two-hundred day moving average price is $1.24. The stock has a market capitalization of $104.35 million, a PE ratio of -1.33 and a beta of 1.95.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CHGG. Acadian Asset Management LLC boosted its position in Chegg by 11.2% in 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 last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Chegg by 4.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,923,979 shares of the technology company’s stock valued at $5,925,000 after acquiring an additional 167,062 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Chegg by 95.9% in the 1st quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company’s stock valued at $1,925,000 after acquiring an additional 1,474,640 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Chegg by 227.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 930,177 shares of the technology company’s stock worth $1,405,000 after acquiring an additional 645,874 shares during the period. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Chegg by 34.5% during the third quarter. Bridgeway Capital Management LLC now owns 621,009 shares of the technology company’s stock worth $938,000 after purchasing an additional 159,461 shares during the last quarter. 95.18% of the stock is currently owned by hedge funds and other 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.