B. Riley Wealth Advisors Inc. Takes $179,000 Position in Chegg, Inc. (NYSE:CHGG)

Posted by on Oct 25th, 2023

B. Riley Wealth Advisors Inc. bought a new stake in Chegg, Inc. (NYSE:CHGG – Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 20,140 shares of the technology company’s stock, valued at approximately $179,000.

Other large investors have also modified their holdings of the company. Sylebra Capital Ltd grew its stake in Chegg by 301.6% during the 1st quarter. Sylebra Capital Ltd now owns 3,662,649 shares of the technology company’s stock valued at $59,701,000 after purchasing an additional 2,750,725 shares in the last quarter. Sands Capital Management LLC grew its stake in Chegg by 42.0% during the 1st quarter. Sands Capital Management LLC now owns 7,738,094 shares of the technology company’s stock valued at $126,131,000 after purchasing an additional 2,288,020 shares in the last quarter. Norges Bank acquired a new stake in Chegg during the 4th quarter valued at approximately $45,304,000. Dimensional Fund Advisors LP grew its stake in Chegg by 81.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,940,001 shares of the technology company’s stock valued at $47,922,000 after purchasing an additional 1,320,462 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its stake in Chegg by 6,630.5% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 861,500 shares of the technology company’s stock valued at $21,770,000 after purchasing an additional 848,700 shares in the last quarter. Institutional investors and hedge funds own 97.15% of the company’s stock.

Chegg Stock Down 0.6 %

Shares of Chegg stock opened at $8.27 on Wednesday. The business’s fifty day moving average price is $9.32 and its two-hundred day moving average price is $10.44. The company has a debt-to-equity ratio of 0.74, a current ratio of 3.13 and a quick ratio of 3.13. The company has a market capitalization of $953.70 million, a P/E ratio of 7.19, a PEG ratio of 2.45 and a beta of 1.14. Chegg, Inc. has a 1-year low of $8.08 and a 1-year high of $30.05.

Chegg (NYSE:CHGG – Get Free Report) last announced its earnings results on Monday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). The business had revenue of $182.85 million for the quarter, compared to the consensus estimate of $176.19 million. Chegg had a net margin of 37.85% and a return on equity of 2.48%. As a group, research analysts forecast that Chegg, Inc. will post 0.28 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CHGG shares. BMO Capital Markets raised their price objective on Chegg from $10.00 to $12.00 and gave the company a “market perform” rating in a research note on Wednesday, August 9th. StockNews.com initiated coverage on Chegg in a report on Thursday, October 5th. They set a “hold” rating on the stock. Piper Sandler increased their target price on Chegg from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Tuesday, August 8th. Morgan Stanley reduced their target price on Chegg from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday. Finally, JPMorgan Chase & Co. cut their price target on Chegg from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, October 19th. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.42.

Read Our Latest Stock Analysis on Chegg

Chegg Company Profile

(Free Report)

Chegg, Inc operates direct-to-student learning platform that supports students starting with their academic journey and extending into their careers with products and services to support learner with their academic course materials. The company offers Chegg Services, which include subscription services; and skills and other, including skills, advertising services, print textbooks, and eTextbooks.

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Institutional Ownership by Quarter for Chegg (NYSE:CHGG)

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