Research Analysts Set Expectations for Chegg, Inc.’s Q2 2024 Earnings (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) – Investment analysts at Barrington Research lowered their Q2 2024 earnings per share (EPS) estimates for shares of Chegg in a note issued to investors on Tuesday, April 30th. Barrington Research analyst A. Paris now expects that the technology company will earn $0.02 per share for the quarter, down from their prior estimate of $0.08. The consensus estimate for Chegg’s current full-year earnings is $0.26 per share. Barrington Research also issued estimates for Chegg’s Q3 2024 earnings at $0.00 EPS, FY2024 earnings at $0.29 EPS and FY2025 earnings at $0.49 EPS.

Several other research firms have also issued reports on CHGG. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a research report on Tuesday. StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Morgan Stanley cut their price objective on Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a report on Friday, April 19th. BMO Capital Markets lowered their target price on shares of Chegg from $11.00 to $10.00 and set a “market perform” rating on the stock in a report on Tuesday, February 6th. Finally, Craig Hallum reiterated a “hold” rating and set a $7.00 target price (down previously from $13.00) on shares of Chegg in a research report on Tuesday. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Chegg currently has a consensus rating of “Hold” and a consensus target price of $7.31.

Chegg Trading Up 0.6 %

Chegg stock opened at $5.24 on Friday. Chegg has a 12 month low of $4.96 and a 12 month high of $13.11. The stock has a market cap of $535.62 million, a price-to-earnings ratio of -27.58, a price-to-earnings-growth ratio of 1.05 and a beta of 1.35. The business has a 50 day moving average price of $7.45 and a two-hundred day moving average price of $8.99. The company has a quick ratio of 0.80, a current ratio of 0.92 and a debt-to-equity ratio of 0.25.

Chegg (NYSE:CHGG) last released its earnings results on Monday, February 5th. The technology company reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.36. The firm had revenue of $187.99 million for the quarter, compared to analyst estimates of $185.94 million. Chegg had a return on equity of 0.87% and a net margin of 2.07%. The company’s revenue was down 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.16 EPS.

Hedge Funds Weigh In On Chegg

Institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in shares of Chegg during the third quarter worth about $437,000. Commonwealth Equity Services LLC increased its stake in Chegg by 2.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company’s stock worth $628,000 after purchasing an additional 1,768 shares in the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in Chegg during the 3rd quarter worth approximately $1,261,000. Mackenzie Financial Corp acquired a new stake in Chegg during the 3rd quarter worth approximately $549,000. Finally, Bordeaux Wealth Advisors LLC lifted its stake in Chegg by 11.4% in the third quarter. Bordeaux Wealth Advisors LLC now owns 54,534 shares of the technology company’s stock valued at $486,000 after buying an additional 5,584 shares in the last quarter. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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.