Q2 2024 Earnings Forecast for Chegg, Inc. (NYSE:CHGG) Issued By Barrington Research

Chegg, Inc. (NYSE:CHGG) – Investment analysts at Barrington Research cut their Q2 2024 EPS estimates for shares of Chegg in a research report issued on Tuesday, April 30th. Barrington Research analyst A. Paris now anticipates 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 $0.27 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.

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

A number of other brokerages also recently issued reports on CHGG. Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Tuesday, April 30th. Piper Sandler reiterated an “underweight” rating and issued a $6.00 target price (down from $8.50) on shares of Chegg in a research note on Tuesday, April 30th. Jefferies Financial Group downgraded shares of Chegg from a “hold” rating to an “underperform” rating and cut their price target for the company from $7.00 to $4.00 in a report on Tuesday, April 30th. BMO Capital Markets decreased their price target 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, StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Five research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Chegg currently has an average rating of “Hold” and an average price target of $7.31.

Chegg Stock Performance

Shares of CHGG opened at $5.24 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.80 and a current ratio of 0.92. The stock has a market capitalization of $535.63 million, a price-to-earnings ratio of -27.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.35. Chegg has a 52-week low of $4.96 and a 52-week high of $13.11. The stock’s 50-day simple moving average is $7.45 and its 200 day simple moving average is $8.99.

Hedge Funds Weigh In On Chegg

A number of large investors have recently modified their holdings of CHGG. Commonwealth Equity Services LLC grew its position in Chegg by 2.6% during the third quarter. Commonwealth Equity Services LLC now owns 70,415 shares of the technology company’s stock valued at $628,000 after acquiring an additional 1,768 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Chegg by 4.5% in the 4th quarter. SG Americas Securities LLC now owns 51,205 shares of the technology company’s stock worth $582,000 after acquiring an additional 2,216 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Chegg by 6.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 41,595 shares of the technology company’s stock valued at $473,000 after purchasing an additional 2,500 shares in the last quarter. GHE LLC lifted its stake in shares of Chegg by 5.3% in the 3rd quarter. GHE LLC now owns 50,517 shares of the technology company’s stock valued at $451,000 after acquiring an additional 2,548 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Chegg by 5.3% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 51,276 shares of the technology company’s stock valued at $457,000 after acquiring an additional 2,600 shares during the period. 95.18% of the stock is owned by hedge funds and other institutional investors.

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.