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

Chegg, Inc. (NYSE:CHGG) – Equities researchers at William Blair reduced their Q2 2024 EPS estimates for shares of Chegg in a research note issued on Tuesday, April 30th. William Blair analyst S. Sheldon now forecasts that the technology company will post earnings of $0.03 per share for the quarter, down from their previous forecast of $0.04. The consensus estimate for Chegg’s current full-year earnings is $0.26 per share. William Blair also issued estimates for Chegg’s Q3 2024 earnings at ($0.04) EPS, Q4 2024 earnings at $0.07 EPS, FY2024 earnings at $0.12 EPS, Q1 2025 earnings at $0.04 EPS, Q2 2025 earnings at $0.04 EPS, Q4 2025 earnings at $0.09 EPS and FY2025 earnings at $0.15 EPS.

Chegg (NYSE:CHGG) last released its quarterly earnings results 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%. Chegg’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.16 EPS.

Several other research firms have also weighed in on CHGG. Piper Sandler Companies lowered Chegg to an “underweight” rating and lowered their target price for the company from $9.00 to $8.50 in a report on Tuesday, February 6th. Jefferies Financial Group lowered shares of Chegg from a “hold” rating to an “underperform” rating and decreased their target price for the stock from $7.00 to $4.00 in a research report on Tuesday. Morgan Stanley decreased their price target on shares of Chegg from $8.50 to $7.00 and set an “underweight” rating on the stock in a report on Friday, April 19th. StockNews.com upgraded Chegg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 23rd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Chegg in a report on Tuesday. Five analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $7.31.

Chegg Stock Up 0.6 %

Shares of Chegg stock opened at $5.24 on Friday. Chegg has a one year low of $4.96 and a one year high of $13.11. 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 firm has a fifty day moving average of $7.45 and a two-hundred day moving average of $8.99. The company has a market cap of $535.62 million, a P/E ratio of -27.58, a PEG ratio of 1.05 and a beta of 1.35.

Hedge Funds Weigh In On Chegg

A number of hedge funds and other institutional investors have recently bought and sold shares of CHGG. SG Americas Securities LLC bought a new stake in shares of Chegg during the third quarter valued at about $437,000. Commonwealth Equity Services LLC boosted its position 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 acquiring an additional 1,768 shares during the period. Robeco Institutional Asset Management B.V. acquired a new position in shares of Chegg in the 3rd quarter valued at about $1,261,000. Mackenzie Financial Corp acquired a new position in Chegg in the 3rd quarter valued at approximately $549,000. Finally, Bordeaux Wealth Advisors LLC lifted its position in Chegg by 11.4% in the 3rd quarter. Bordeaux Wealth Advisors LLC now owns 54,534 shares of the technology company’s stock worth $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.

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.