Chegg (NYSE:CHGG) Stock Price Passes Below Two Hundred Day Moving Average – Here’s Why

Shares of Chegg, Inc. (NYSE:CHGG) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.18 and traded as low as $0.7310. Chegg shares last traded at $0.7730, with a volume of 2,021,523 shares.

Analyst Ratings Changes

CHGG has been the subject of several recent research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Chegg in a research note on Monday, December 29th. Zacks Research cut Chegg from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Two equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Strong Sell” and an average price target of $1.00.

Chegg Stock Performance

The company has a market cap of $84.47 million, a P/E ratio of -1.07 and a beta of 1.95. The stock has a 50-day moving average of $0.90 and a two-hundred day moving average of $1.18.

Institutional Investors Weigh In On Chegg

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Qube Research & Technologies Ltd purchased a new position in shares of Chegg in the third quarter worth $32,000. Ground Swell Capital LLC purchased a new position in Chegg during the second quarter valued at $27,000. Jump Financial LLC purchased a new position in shares of Chegg during the second quarter valued at approximately $31,000. Burford Brothers Inc. raised its stake in Chegg by 86.2% during the third quarter. Burford Brothers Inc. now owns 25,798 shares of the technology company’s stock valued at $39,000 after buying an additional 11,944 shares during the last quarter. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Chegg in the 2nd quarter worth about $36,000. 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.