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Jefferies downgrades Chegg Inc (CHGG) stock to an Underperform

Chegg Inc’s recently made public that its CHIEF OPERATING OFFICER Schultz Nathan J. unloaded Company’s shares for reported $14054.0 on Dec 13 ’23. In the deal valued at $10.41 per share,1,350 shares were sold. As a result of this transaction, Schultz Nathan J. now holds 421,025 shares worth roughly $2.18 million.

Then, Schultz Nathan J. sold 630 shares, generating $6,382 in total proceeds. Upon selling the shares at $10.13, the CHIEF OPERATING OFFICER now owns 426,802 shares.

Before that, BROWN ANDREW J sold 16,921 shares. Chegg Inc shares valued at $169,548 were divested by the CHIEF FINANCIAL OFFICER at a price of $10.02 per share. As a result of the transaction, BROWN ANDREW J now holds 91,922 shares, worth roughly $0.48 million.

Jefferies downgraded its Chegg Inc [CHGG] rating to an Underperform from a a Hold in a research note published on April 30, 2024; the price target was decreased to $4 from $7. A number of analysts have revised their coverage, including Craig Hallum’s analysts, who decreased its forecast for the stock in late April from “a Buy” to “a Hold”. Piper Sandler revised its rating on February 06, 2024. It rated CHGG as “an Underweight” which previously was an “a Neutral”.

Price Performance Review of CHGG

On Tuesday, Chegg Inc [NYSE:CHGG] saw its stock fall -27.89% to $5.17. Over the last five days, the stock has lost -24.30%. Chegg Inc shares have fallen nearly -54.49% since the year began. Nevertheless, the stocks have fallen -71.25% over the past one year. While a 52-week high of $17.92 was reached on 01/02/24, a 52-week low of $6.63 was recorded on 04/30/24. SMA at 50 days reached $7.69, while 200 days put it at $9.21. A total of 18.68 million shares were traded, compared to the trading of 5.31 million shares in the previous session.

Levels Of Support And Resistance For CHGG Stock

The 24-hour chart illustrates a support level at 4.78, which if violated will result in even more drops to 4.38. On the upside, there is a resistance level at 5.90. A further resistance level may holdings at 6.62. The Relative Strength Index (RSI) on the 14-day chart is 21.69, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.38, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 97.67%. Stochastics %K at 32.84% indicates the stock is a holding.

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