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CHGG

Chegg

$38.57

-1.085 (-2.74%)

10:08
03/22/19
03/22
10:08
03/22/19
10:08

Chegg operating illegally in 17 states, short-seller Citron Research claims

Shares of Chegg are moving lower after Andrew Left's Citron Research, best known as a short-seller of the companies it follows, released a new report on the education company. "Based on our analysis, it appears that Chegg is operating illegally in 17 states," Citron said in the report. It added, "Distributing any post-secondary assignment for a profit with reasonable knowledge that it will be submitted by another person for academic credit is a CRIME in many US states. Chegg believes they are exempt from this law because of their terms of service and their honor code. That is the equivalent of telling Waze you're the passenger when getting directions. As soon as politicians and media get over the Rick Singer scandal, Chegg should not be far behind." Citron also highlighted the insider selling going on at Chegg. "It appears as if insiders are acknowledging the risks and headwinds of the CaaS business model as insider selling is at a peak for all company insiders including the CEO who made his largest sale on record just a few days ago," the report contends. If Chegg has its "Swiss bank account moment" and has to disclose all their clients to their respective schools, "the business model falls apart and the stock goes to $0," Citron argues. The short-seller put an "immediate" price target of $25 on Chegg shares. The stock in morning trading is down 90c to $39.30. Reference Link

CHGG Chegg
$38.57

-1.085 (-2.74%)

02/12/19
CHLM
02/12/19
NO CHANGE
Target $45
CHLM
Buy
Chegg price target raised to $45 from $34 at Craig-Hallum
Craig-Hallum analyst Alex Fuhrman raised his price target for Chegg to $45 from $34 to reflect upside potential and multiple upcoming catalysts in 2H19 and beyond. The analyst notes that the company reported another beat and raise and he continues to view the robust guidance as conservatively set based off of management's long-term targets. Fuhrman reiterates a Buy rating on the shares.
02/12/19
LSCM
02/12/19
NO CHANGE
Target $33
LSCM
Hold
Chegg price target raised to $33 from $26 at Lake Street
Lake Street analyst Eric Martinuzzi raised his price target for Chegg to $33 saying the company reported an "excellent finish" to fiscal 2018. Chegg Services once again outperformed, led by the flagship Chegg Study offering, Martinuzzi tells investors in a post-earnings research note. The analyst keeps a Hold rating on the shares.
03/06/19
BREN
03/06/19
INITIATION
Target $48
BREN
Buy
Chegg initiated with a Buy at Berenberg
Berenberg initiated Chegg with a Buy and $48 price target.
03/06/19
03/06/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Voyager Therapeutics (VYGR) initiated with an Overweight at Cantor Fitzgerald. 2. L.B. Foster (FSTR) initiated with a Buy at B. Riley FBR. 3. Raymond James (RJF) initiated with a Buy at Argus. 4. Chegg (CHGG) initiated with a Buy at Berenberg. 5. Pinduoduo (PDD) initiated with a Buy at UBS. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

AKAM

Akamai

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PRVB

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DRI

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XGN

Exagen

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PING

Ping Identity

$0.00

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CBS

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, T

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CRON

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MLHR

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PRVB

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COST

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TECD

Tech Data

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T

AT&T

$36.77

-0.39 (-1.05%)

, DISH

Dish

$35.58

0.3 (0.85%)

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T

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DISH

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0.3 (0.85%)

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AGCO

Agco

$76.04

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PBR

Petrobras

$14.63

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CE

Celanese

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STI

SunTrust

$68.57

0.48 (0.70%)

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WBS

Webster Financial

$48.84

0.43 (0.89%)

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HSBC

HSBC

$38.19

-0.1 (-0.26%)

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  • 27

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HES

Hess Corp.

$66.91

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  • 01

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CSCO

Cisco

$49.32

-0.1 (-0.20%)

, DDOG

Datadog

$0.00

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17:46
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  • 10

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ASB

Associated Banc-Corp

$20.23

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GLD

SPDR Gold Shares

$140.69

-0.93 (-0.66%)

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T

AT&T

$36.77

-0.39 (-1.05%)

, DISH

Dish

$35.58

0.3 (0.85%)

17:44
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AT&T

$36.77

-0.39 (-1.05%)

DISH

Dish

$35.58

0.3 (0.85%)

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  • 23

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  • 23

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CBPO

China Biologic

$103.19

0.37 (0.36%)

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T

AT&T

$36.77

-0.39 (-1.05%)

, DISH

Dish

$35.58

0.3 (0.85%)

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  • 23

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GSK

GlaxoSmithKline

$41.06

-0.04 (-0.10%)

17:41
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