Chegg, Inc. Experiences Notable Rise in Short Interest

Chegg, Inc. (NYSE:CHGG) has reported a substantial increase in short interest for the month of January. As of January 31st, the short interest reached a total of 10,600,000 shares, reflecting an 8.5% rise from the previous total of 9,770,000 shares noted on January 15th. Presently, 11.0% of Chegg's shares are sold short. With an average daily trading volume of 3,570,000 shares, the ratio for days-to-cover is currently calculated at 3.0 days.

Institutional Investment Changes

Recently, several hedge funds have adjusted their positions in Chegg. Vanguard Group Inc. raised its stake by 1.9% during the fourth quarter, now holding 9,765,268 shares valued at $15,722,000 after acquiring an additional 180,258 shares. Quinn Opportunity Partners LLC significantly increased its position by 48.6% over the same period, owning 2,879,937 shares now valued at $4,637,000 after purchasing an additional 941,410 shares. In addition, Geode Capital Management LLC improved its stake by 1.2% during the third quarter, now owning 2,315,187 shares worth $4,099,000 after acquiring 26,574 more shares. Jacobs Levy Equity Management Inc. also increased its stake by 6.8%, now holding 2,307,264 shares valued at $3,715,000 following the acquisition of 147,441 additional shares in the fourth quarter. Finally, Two Sigma Investments LP increased its holdings by 8.2%, currently owning 2,254,234 shares valued at $3,629,000. Overall, hedge funds and institutional investors hold approximately 95.18% of Chegg's stock.

Chegg Stock Performance

On Tuesday, CHGG stock commenced trading at $1.47. Over the past year, the stock reached a low of $1.30 and a high of $9.34. Chegg also has a fifty-day moving average price of $1.66 and a 200-day moving average price of $1.83. Additionally, the company demonstrate a debt-to-equity ratio of 1.31, a quick ratio of 0.91, and a current ratio of 0.91.

Analyst Ratings and Predictions

Multiple equity research analysts have expressed their views on CHGG stock recently. The Goldman Sachs Group reduced its price target from $3.75 to $1.75, giving it a "neutral" rating. Piper Sandler lowered their target from $2.00 to $1.50, rating the stock as "underweight." Similarly, Morgan Stanley reiterated a rating of "underweight" with a price objective set at $1.25, down from a previous target of $2.00. Craig Hallum also adjusted their price objective from $3.00 to $1.50 while maintaining a "hold" rating. Needham & Company LLC reiterated a "hold" rating as well. Presently, analysts have given the stock a consensus rating of "Hold" with an average target price of $2.17.

Company Overview

Chegg, Inc. offers a direct-to-student learning platform that facilitates essential skills development for students both in the U.S. and internationally. This platform features various subscription services that include Chegg Study, which provides personalized learning assistance powered by AI and experts, as well as Chegg Writing that offers tools for grammar checks and writing feedback. The Chegg Math tool assists with step-by-step problem-solving, and the Chegg Study Pack offers a suite of subscription services for students. Additionally, Chegg collaborates with Busuu, an online language learning platform.

Chegg, Stock, Investments