Northland Capmk Weighs in on Chegg, Inc.’s Q2 2024 Earnings (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) – Research analysts at Northland Capmk raised their Q2 2024 earnings estimates for shares of Chegg in a research note issued on Tuesday, April 30th. Northland Capmk analyst M. Grondahl now forecasts that the technology company will post earnings per share of $0.12 for the quarter, up from their prior forecast of $0.03. The consensus estimate for Chegg’s current full-year earnings is $0.27 per share. Northland Capmk also issued estimates for Chegg’s Q3 2024 earnings at ($0.06) EPS, Q4 2024 earnings at $0.08 EPS and FY2024 earnings at $0.19 EPS.

Other research analysts have also recently issued research reports about the company. StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 23rd. JPMorgan Chase & Co. decreased their target price on shares of Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Morgan Stanley reduced their price objective on Chegg from $8.50 to $7.00 and set an “underweight” rating for the company in a research report on Friday, April 19th. Jefferies Financial Group cut shares of Chegg from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $7.00 to $4.00 in a research note on Tuesday, April 30th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Chegg in a report on Tuesday, April 30th. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $7.31.

Chegg Stock Performance

NYSE:CHGG opened at $5.24 on Friday. 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 has a twelve month low of $4.96 and a twelve month high of $13.11. The stock has a market cap of $535.63 million, a P/E ratio of -27.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.35. The firm’s fifty day simple moving average is $7.45 and its 200 day simple moving average is $8.99.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Monday, February 5th. The technology company reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. The firm had revenue of $187.99 million during the quarter, compared to the consensus estimate of $185.94 million. Chegg had a net margin of 2.07% and a return on equity of 0.87%. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.16 earnings per share.

Institutional Investors Weigh In On Chegg

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

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.