Recent Insider Activity Suggests Potential Gains for Chegg Inc. (CHGG)


Chegg Inc.’s filing revealed that its CHIEF OPERATING OFFICER Schultz Nathan J. unloaded Company’s shares for reported $18823.0 on Jun 14. In the deal valued at $10.75 per share,1,751 shares were sold. As a result of this transaction, Schultz Nathan J. now holds 437,078 shares worth roughly $ 4.18 million.

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Then, Schultz Nathan J. sold 818 shares, generating $7,816 in total proceeds. Upon selling the shares at $9.56, the CHIEF OPERATING OFFICER now owns 441,917 shares.

Before that, Schultz Nathan J. sold 7,007 shares. Chegg Inc. shares valued at $112,801 were divested by the Chief Operating Officer at a price of $16.10 per share. As a result of the transaction, Schultz Nathan J. now holds 235,626 shares, worth roughly $2.25 million.

Jefferies downgraded its Chegg Inc. [CHGG] rating to a Hold from a a Buy in a research note published on Friday, May 02, 2023; the price target was decreased to $11 from $25. PT values the company’s stock at a premium of 13.0 to its Friday closing price.

Price Performance Review of CHGG

On Friday, Chegg Inc. [NYSE:CHGG] saw its stock fall -0.21% to $9.57. On the same session, the stock had its day’s lowest price of $9.41, but rose to a high of $9.66. Over the last five days, the stock has lost -4.30%. Chegg Inc. shares have fallen nearly -62.13% since the year began. Nevertheless, the stocks have fallen -52.72% over the past one year. While a 52-week high of $30.05 was reached on 01/05/23, a 52-week low of $8.55 was recorded on 06/28/23. SMA at 50 days reached $9.65, while 200 days put it at $16.59. A total of 1.3 million shares were traded, compared to the trading of 1.99 million shares in the previous session.

Levels Of Support And Resistance For CHGG Stock

The 24-hour chart illustrates a support level at 9.43, which if violated will result in even more drops to 9.30. On the upside, there is a resistance level at 9.68. A further resistance level may holdings at 9.80. The Relative Strength Index (RSI) on the 14-day chart is 44.97, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.31, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 95.68%. Stochastics %K at 6.29% indicates the stock is a buying.

How much short interest is there in Chegg Inc.?

A steep rise in short interest was recorded in Chegg Inc. stocks on Aug 14, 2023, dropping by -4.1 million shares to a total of 5.36 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 9.46 million shares. There was a decline of -76.49%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 6.48% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.49.

Chegg Inc. [CHGG] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 11,098,962 shares, or roughly 9.27% of the outstanding CHGG shares. In other words, the investor’s shares have fallen by -978,651 from its previous 13-F filing of 12077613.0. Additionally, Baillie Gifford & Co. decreased -20.77% of its stake after which the total value it holdings stand at $108,033,391, while Sylebra Capital Ltd. added 144.85% of its stake to hold $90.84 million in the firm. Over the last quarter, Jane Street Capital LLC purchased 8,249,100 shares of Chegg Inc., while BlackRock Fund Advisors bought 125,071 shares. At present, Sands Capital Management LLC is holding 7,577,694 shares valued at $76.76 million. D. E. Shaw & Co. LP owned 4,544,346 shares of the company at the time of its most recent 13F filing, worth $46.03 million.

According to FactSet, Chegg Inc.’s share price will average $13.35 in the next year, based on opinions of analysts polled by the firm. This is up nearly 35.56 percent from its previous closing price of $9.59. Analysts expect Chegg Inc. stock to reach the higher price of $18.00, while the lowest price estimate is $11.00. However, 15 analysts have rated CHGG stock as a Hold in their predictions for 2023.


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