Chegg (NYSE:CHGG) Issues Earnings Results, Beats Expectations By $0.03 EPS

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

Chegg Trading Down 3.1 %

Shares of NYSE CHGG traded down $0.07 during trading hours on Wednesday, hitting $2.21. 4,894,990 shares of the company traded hands, compared to its average volume of 3,511,151. The stock has a market capitalization of $225.90 million, a price-to-earnings ratio of -11.68, a price-to-earnings-growth ratio of 0.56 and a beta of 1.35. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company’s 50 day moving average price is $3.18 and its 200 day moving average price is $5.91. Chegg has a 12 month low of $2.11 and a 12 month high of $13.11.

Wall Street Analysts Forecast Growth

CHGG has been the subject of several research analyst reports. StockNews.com downgraded Chegg from a “buy” rating to a “hold” rating in a report on Tuesday. Morgan Stanley lowered their price objective on Chegg from $3.25 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Craig Hallum lowered their price target on Chegg from $7.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Tuesday. Finally, Jefferies Financial Group cut Chegg from a “hold” rating to an “underperform” rating and lowered their price target for the stock from $7.00 to $4.00 in a report on Tuesday, April 30th. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $5.47.

Chegg Company Profile

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.