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

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

Chegg Stock Performance

NYSE:CHGG opened at $2.28 on Wednesday. Chegg has a 1 year low of $2.11 and a 1 year high of $13.11. The firm’s fifty day simple moving average is $3.18 and its 200 day simple moving average is $5.91. 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 firm has a market capitalization of $232.54 million, a PE ratio of -11.97, a PEG ratio of 0.56 and a beta of 1.35.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. StockNews.com downgraded shares of Chegg from a “buy” rating to a “hold” rating in a research report on Tuesday. Craig Hallum reiterated a “hold” rating and issued a $7.00 target price (down previously from $13.00) on shares of Chegg in a research report on Tuesday, April 30th. Northland Securities cut their target price on shares of Chegg from $7.00 to $6.00 and set a “market perform” rating for the company in a research report on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of Chegg in a research report on Tuesday. Finally, The Goldman Sachs Group upgraded shares of Chegg from a “sell” rating to a “neutral” rating and cut their target price for the stock from $7.00 to $3.75 in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat, Chegg has a consensus rating of “Hold” and an average target price of $5.92.

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.