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

Chegg, Inc. (NYSE:CHGG) – Equities research analysts at Northland Capmk boosted their Q2 2024 earnings per share estimates for Chegg in a research report issued to clients and investors on Tuesday, April 30th. Northland Capmk analyst M. Grondahl now expects that the technology company will post earnings of $0.12 per share for the quarter, up from their prior forecast of $0.03. The consensus estimate for Chegg’s current full-year earnings is $0.26 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.

Chegg (NYSE:CHGG) last issued its 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%. The business’s quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.16 earnings per share.

Several other research analysts have also recently commented on the company. JPMorgan Chase & Co. reduced their price target on Chegg from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Tuesday, February 6th. The Goldman Sachs Group dropped their price target on Chegg from $8.00 to $7.00 and set a “sell” rating on the stock in a research note on Tuesday, February 6th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research note on Tuesday. Craig Hallum restated a “hold” rating and set a $7.00 price objective (down previously from $13.00) on shares of Chegg in a report on Tuesday. Finally, Piper Sandler restated an “underweight” rating and issued a $6.00 price target (down from $8.50) on shares of Chegg in a research note on Tuesday. 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, Chegg has an average rating of “Hold” and an average target price of $7.31.

Chegg Trading Up 0.6 %

CHGG opened at $5.24 on Friday. The firm’s fifty day simple moving average is $7.45 and its 200 day simple moving average is $8.99. The stock has a market capitalization of $535.62 million, a P/E ratio of -27.58, a P/E/G ratio of 1.05 and a beta of 1.35. The company has a current ratio of 0.92, a quick ratio of 0.80 and a debt-to-equity ratio of 0.25. Chegg has a 12 month low of $4.96 and a 12 month high of $13.11.

Institutional Trading of Chegg

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Chegg in the 1st quarter worth about $30,000. Headlands Technologies LLC purchased a new stake in shares of Chegg in the 4th quarter worth approximately $48,000. Moors & Cabot Inc. purchased a new stake in Chegg in the third quarter worth approximately $98,000. Shell Asset Management Co. lifted its holdings in Chegg by 48.8% in the third quarter. Shell Asset Management Co. now owns 11,423 shares of the technology company’s stock valued at $102,000 after acquiring an additional 3,748 shares during the period. Finally, Quest Partners LLC purchased a new position in Chegg in the fourth quarter worth about $114,000. Institutional investors own 95.18% of the company’s stock.

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.