Chegg (NYSE:CHGG) Issues Quarterly Earnings Results

Chegg (NYSE:CHGG) released its earnings results on Monday. The technology company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.18, FiscalAI reports. Chegg had a negative return on equity of 9.41% and a negative net margin of 17.14%.The firm had revenue of $72.66 million during the quarter, compared to the consensus estimate of $71.00 million.

Chegg Price Performance

CHGG stock traded down $0.03 during midday trading on Monday, hitting $0.76. The stock had a trading volume of 1,825,154 shares, compared to its average volume of 1,237,613. Chegg has a 52-week low of $0.44 and a 52-week high of $1.90. The firm has a market cap of $83.45 million, a price-to-earnings ratio of -1.06 and a beta of 1.98. The business has a 50-day moving average of $0.88 and a two-hundred day moving average of $1.15.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Zacks Research lowered shares of Chegg from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a research note on Monday, December 29th. Two research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Strong Sell” and a consensus price target of $1.00.

Institutional Investors Weigh In On Chegg

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Qube Research & Technologies Ltd purchased a new position in shares of Chegg in the third quarter valued at $32,000. Jump Financial LLC purchased a new position in Chegg in the second quarter worth $31,000. Hudson Bay Capital Management LP purchased a new stake in Chegg during the 2nd quarter worth approximately $36,000. BNP Paribas Financial Markets boosted its position in Chegg by 564.8% in the third quarter. BNP Paribas Financial Markets now owns 34,060 shares of the technology company’s stock valued at $51,000 after buying an additional 28,937 shares during the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of Chegg by 38.4% in the second quarter. Cerity Partners LLC now owns 62,579 shares of the technology company’s stock worth $76,000 after buying an additional 17,371 shares during the last quarter. 95.18% of the stock is owned by hedge funds and other institutional investors.

Chegg Company Profile

Chegg, Inc (NYSE: CHGG) is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.

The company’s core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.