Key Points
- Chegg director Renee Varni Budig sold 54,347 shares at an average price of $0.78, generating $42,390.66. The Rule 10b5-1 transaction reduced her ownership by 12.62% to 376,311 shares.
- Chegg shares opened at $0.79, with a market capitalization of approximately $88.05 million and a 52-week range of $0.45 to $1.90. The stock remains below its 50-day and 200-day moving averages.
- The company exceeded quarterly earnings and revenue expectations, reporting an adjusted loss of $0.02 per share and revenue of $51.85 million. However, analysts maintain a generally negative outlook, with an average rating of “Reduce.”
Chegg, Inc. (NYSE:CHGG - Get Free Report) Director Renee Varni Budig sold 54,347 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $0.78, for a total value of $42,390.66. Following the transaction, the director owned 376,311 shares of the company's stock, valued at approximately $293,522.58. The trade was a 12.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Chegg Stock Performance
Shares of Chegg stock opened at $0.79 on Friday. The business's 50 day simple moving average is $0.98 and its 200 day simple moving average is $0.91. Chegg, Inc. has a 52-week low of $0.45 and a 52-week high of $1.90. The firm has a market cap of $88.05 million, a PE ratio of -1.62 and a beta of 2.17.
Chegg (NYSE:CHGG - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The technology company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $51.85 million during the quarter, compared to the consensus estimate of $49.50 million. Chegg had a negative return on equity of 13.38% and a negative net margin of 19.96%. As a group, equities research analysts predict that Chegg, Inc. will post -0.22 EPS for the current year.
Analysts Set New Price Targets
Several brokerages have issued reports on CHGG. Zacks Research lowered shares of Chegg from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Weiss Ratings upgraded Chegg from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce".
View Our Latest Analysis on CHGG
Institutional Investors Weigh In On Chegg
Large investors have recently made changes to their positions in the stock. AQR Capital Management LLC increased its holdings in Chegg by 95.9% during the first quarter. AQR Capital Management LLC now owns 3,011,879 shares of the technology company's stock worth $1,925,000 after buying an additional 1,474,640 shares during the last quarter. Empowered Funds LLC grew its position in shares of Chegg by 8.5% in the 1st quarter. Empowered Funds LLC now owns 424,563 shares of the technology company's stock valued at $271,000 after acquiring an additional 33,269 shares during the period. Strs Ohio bought a new position in shares of Chegg in the 1st quarter valued at about $56,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Chegg by 158.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,756,917 shares of the technology company's stock worth $4,546,000 after purchasing an additional 2,305,872 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of Chegg in the 2nd quarter valued at about $31,000. Institutional investors and hedge funds own 95.18% of the company's stock.
Chegg Company Profile
(
Get Free Report)
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.
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