On May 2, 2023 at 11:00:14 ET an unusually large $648.94K block of Call contracts in Chegg (CHGG) was sold, with a strike price of $2.50 / share, expiring in 626 day(s) (on January 17, 2025). Fintel tracks all large options trades, and the premium spent on this trade was 1.73 sigmas above the mean, placing it in the 100.00th percentile of all recent large trades made in CHGG options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 588 funds or institutions reporting positions in Chegg. This is an increase of 29 owner(s) or 5.19% in the last quarter. Average portfolio weight of all funds dedicated to CHGG is 0.22%, an increase of 0.79%. Total shares owned by institutions decreased in the last three months by 0.30% to 134,596K shares. The put/call ratio of CHGG is 1.38, indicating a bearish outlook.

Analyst Price Forecast Suggests 18.08% Upside

As of April 24, 2023, the average one-year price target for Chegg is $20.78. The forecasts range from a low of $17.17 to a high of $26.25. The average price target represents an increase of 18.08% from its latest reported closing price of $17.60.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Chegg is $837MM, an increase of 11.27%. The projected annual non-GAAP EPS is $1.36.

What are Other Shareholders Doing?

Jacobs Levy Equity Management holds 1,564K shares representing 1.31% ownership of the company. In it’s prior filing, the firm reported owning 1,677K shares, representing a decrease of 7.19%. The firm decreased its portfolio allocation in CHGG by 4.24% over the last quarter.

BDSIX – BlackRock Advantage Small Cap Core Fund Institutional Shares holds 337K shares representing 0.28% ownership of the company. In it’s prior filing, the firm reported owning 195K shares, representing an increase of 42.13%. The firm decreased its portfolio allocation in CHGG by 6.34% over the last quarter.

SEASONS SERIES TRUST – SA Multi-Managed Growth Portfolio Class 1 holds 2K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 2K shares, representing a decrease of 16.25%. The firm increased its portfolio allocation in CHGG by 5.36% over the last quarter.

PMVAX – Putnam Sustainable Future Fund Shares holds 76K shares representing 0.06% ownership of the company. In it’s prior filing, the firm reported owning 145K shares, representing a decrease of 90.41%. The firm decreased its portfolio allocation in CHGG by 49.64% over the last quarter.

THRIVENT SERIES FUND INC – Thrivent Moderately Aggressive Allocation Portfolio holds 3K shares representing 0.00% ownership of the company. No change in the last quarter.

Chegg Background Information
(This description is provided by the company.)

Chegg is the leading direct-to-student learning platform. Chegg strives to improve educational outcomes by putting the student first. Chegg supports students on their journey from high school to college and into their career with tools designed to help them pass their test, pass their class, and save money on required materials. Chegg is based in Santa Clara, California

See all Chegg regulatory filings.

This article originally appeared on Fintel

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