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

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

Chegg Price Performance

Shares of Chegg stock opened at $2.28 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.25. Chegg has a twelve month low of $2.11 and a twelve month high of $13.11. The business has a 50-day moving average price of $3.18 and a 200 day moving average price of $5.91. The firm has a market cap of $232.54 million, a PE ratio of -11.97, a P/E/G ratio of 0.56 and a beta of 1.35.

Analyst Ratings Changes

CHGG has been the subject of a number of research reports. Jefferies Financial Group lowered Chegg from a “hold” rating to an “underperform” rating and dropped their price target for the company from $7.00 to $4.00 in a research note on Tuesday, April 30th. Northland Securities dropped their price target on Chegg from $7.00 to $6.00 and set a “market perform” rating for the company in a research note on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research note on Tuesday. Morgan Stanley dropped their price target on Chegg from $3.25 to $3.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, StockNews.com lowered Chegg from a “buy” rating to a “hold” rating in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat.com, Chegg currently has a consensus rating of “Hold” and an average price target 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.