Chegg Sees Unusually Large Options Volume (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) was the target of unusually large options trading activity on Tuesday. Stock investors bought 3,099 call options on the company. This is an increase of 86% compared to the typical volume of 1,664 call options.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CHGG. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Tuesday, February 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a research note on Friday. Finally, Zacks Research downgraded 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 two have issued a Sell rating to the company. Based on data from MarketBeat, Chegg has an average rating of “Reduce”.

Hedge Funds Weigh In On Chegg

A number of large investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new stake in Chegg in the fourth quarter worth $49,000. Invesco Ltd. grew its holdings in shares of Chegg by 20.1% in the fourth quarter. Invesco Ltd. now owns 453,140 shares of the technology company’s stock worth $421,000 after purchasing an additional 75,780 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Chegg by 14.6% in the fourth quarter. Mackenzie Financial Corp now owns 1,186,294 shares of the technology company’s stock worth $1,091,000 after purchasing an additional 151,299 shares during the last quarter. Bridgeway Capital Management LLC increased its stake in Chegg by 12.3% in the 4th quarter. Bridgeway Capital Management LLC now owns 697,504 shares of the technology company’s stock worth $649,000 after buying an additional 76,495 shares during the period. Finally, Graham Capital Management L.P. lifted its holdings in Chegg by 67.5% during the 4th quarter. Graham Capital Management L.P. now owns 208,863 shares of the technology company’s stock valued at $194,000 after buying an additional 84,134 shares in the last quarter. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Trading Up 9.7%

Chegg stock opened at $0.74 on Wednesday. Chegg has a 12-month low of $0.44 and a 12-month high of $1.90. The firm has a 50-day moving average price of $0.65 and a 200-day moving average price of $0.96. The firm has a market capitalization of $80.53 million, a PE ratio of -0.77 and a beta of 1.99.

Chegg (NYSE:CHGG) last issued its quarterly earnings results on Monday, February 9th. The technology company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.18. Chegg had a negative net margin of 27.44% and a negative return on equity of 18.30%. The company had revenue of $72.66 million for the quarter, compared to the consensus estimate of $71.00 million. As a group, sell-side analysts predict that Chegg will post 0.15 earnings per share for the current fiscal year.

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.