Chegg (CHGG) : Traders are increasing their bearish positions on the stock, as is visible by the 0.6% jump in the outstanding short positions; a total addition of 73,214 shares on the sell side. On Jul 29, 2016, the total short positions were 13,270,299 shares, which went up to 13,343,513 shares by the close of trading on August 15, 2016. It will take 19 days for the bears to roll over or cover. An average of 717,131 shares exchange hands daily. 23.7% of the float of the stock has been sold short by the bears. The short interest information was released on Wednesday Aug 24th after the market close.
Chegg (NYSE:CHGG): The stock opened at $6.96 on Wednesday but the bulls could not build on the opening and the stock topped out at $7.04 for the day. The stock traded down to $6.92 during the day, due to lack of any buying support eventually closed down at $6.96 with a loss of -0.14% for the day. The stock had closed at $6.97 on the previous day. The total traded volume was 606,679 shares.
In a related news, The Securities and Exchange Commission has divulged that Geiger Charles, officer (CHIEF PRODUCT OFFICER) of Chegg, Inc, had unloaded 25,000 shares at an average price of $6.75 in a transaction dated on August 11, 2016. The total value of the transaction was worth $168,750.
Chegg, Inc. is a student-first connected learning platform. The Company offer textbooks and from digital offerings. Digital offerings primarily include Student Hub, the Companys connected learning platform, its Web-based, multiplatform eTextbook Reader, eTextbooks and supplemental materials from approximately 120 publishers, online tutoring, its Chegg Study service, College Admissions, Scholarship Services, and internship services. The Company sources print textbooks, eTextbooks and supplemental materials publishers in the United States, including Pearson, Cengage Learning, McGraw Hill, Wiley and MacMillan. In addition, the Company also offers enrollment marketing services to colleges. The Company also works with brands, such as Adobe, Dell, Microsoft, PayPal, Proctor & Gamble, Red Bull and Shutterfly, to provide students with discounts, promotions and other products that, based on student feedback.