Chegg (NYSE:CHGG) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Chegg (NYSE:CHGG) issued its earnings results on Monday. The technology company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.03, Briefing.com reports. The firm had revenue of $163.10 million during the quarter, compared to analysts’ expectations of $160.02 million. Chegg had a net margin of 2.07% and a return on equity of 0.87%. The firm’s revenue for the quarter was down 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.01 earnings per share. Chegg updated its Q3 2024 guidance to EPS.

Chegg Stock Down 1.8 %

Shares of NYSE CHGG traded down $0.04 during trading hours on Wednesday, hitting $2.24. The stock had a trading volume of 2,047,186 shares, compared to its average volume of 3,491,960. The firm’s 50-day moving average price is $3.18 and its two-hundred day moving average price is $5.91. Chegg has a 52 week low of $2.11 and a 52 week high of $13.11. The company has a market capitalization of $228.97 million, a P/E ratio of -11.97, a P/E/G ratio of 0.56 and a beta of 1.35. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 0.92.

Analyst Upgrades and Downgrades

CHGG has been the topic of a number of recent research reports. The Goldman Sachs Group upgraded Chegg from a “sell” rating to a “neutral” rating and decreased their target price for the stock from $7.00 to $3.75 in a report on Tuesday. Morgan Stanley cut their price objective on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday. Northland Securities decreased their target price on shares of Chegg from $7.00 to $6.00 and set a “market perform” rating for the company in a report on Tuesday. Jefferies Financial Group downgraded shares of Chegg from a “hold” rating to an “underperform” rating and reduced their price target for the company from $7.00 to $4.00 in a research report on Tuesday, April 30th. Finally, Piper Sandler decreased their target price on Chegg from $6.00 to $2.00 and set an “underweight” rating for the company in a research report on Tuesday. Three research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat, Chegg currently has a consensus rating of “Hold” and a consensus target price of $5.92.

About Chegg

Chegg, Inc operates a direct-to-student learning platform that helps learners build essential life and job skills to accelerate their path from learning programs in the United States and internationally. Its subscription services include Chegg Study, which offers personalized step-by-step learning support from AI, computational engines, and subject matter experts, as well as Tinger Gold and DashPash Student services; Chegg Writing that provides students with a suite of tools, such as plagiarism detection scans, grammar and writing fluency checking, expert personalized writing feedback, and premium citation generation; Chegg Math, a step-by-step math problem solver and calculator that helps students to solve problems; Chegg Study Pack, a bundle of various subscription product offerings, including Chegg Study, Chegg Writing, and Chegg Math services; and Busuu, an online language learning platform that offers comprehensive support through self-paced lessons, live classes with expert tutors, and a community of members to practice alongside.