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

Chegg (NYSE:CHGG) issued its quarterly earnings data on Tuesday. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.03, Briefing.com reports. The firm had revenue of $136.59 million for the quarter, compared to analyst estimates of $134.12 million. Chegg had a negative net margin of 124.05% and a positive return on equity of 1.91%. The company’s revenue for the quarter was down 13.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.07) earnings per share. Chegg updated its Q4 2024 guidance to EPS.

Chegg Stock Performance

Shares of CHGG stock traded up $0.14 during trading on Thursday, reaching $1.72. 5,152,367 shares of the company’s stock were exchanged, compared to its average volume of 3,621,221. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $175.31 million, a PE ratio of -0.21, a PEG ratio of 0.63 and a beta of 1.32. Chegg has a twelve month low of $1.34 and a twelve month high of $11.48. The firm’s fifty day moving average price is $1.70 and its 200-day moving average price is $2.74.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CHGG. The Goldman Sachs Group lowered their price target on Chegg from $3.75 to $1.75 and set a “neutral” rating on the stock in a report on Thursday. StockNews.com cut Chegg from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Craig Hallum cut their price objective on Chegg from $3.00 to $1.50 and set a “hold” rating for the company in a report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Wednesday. Finally, Northland Securities cut their price objective on Chegg from $4.00 to $3.00 and set a “market perform” rating for the company in a report on Wednesday. Three research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $4.69.

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.