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

Chegg, Inc. (NYSE:CHGG) – Northland Capmk lifted their Q2 2024 earnings per share (EPS) estimates for shares of Chegg in a research note issued to investors 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 previous 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.

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

A number of other equities analysts have also commented on CHGG. The Goldman Sachs Group decreased their price objective on shares of Chegg from $8.00 to $7.00 and set a “sell” rating for the company in a research note on Tuesday, February 6th. BMO Capital Markets decreased their target price on Chegg from $11.00 to $10.00 and set a “market perform” rating for the company in a research report on Tuesday, February 6th. Craig Hallum reissued a “hold” rating and set a $7.00 price target (down from $13.00) on shares of Chegg in a research report on Tuesday, April 30th. Needham & Company LLC restated a “hold” rating on shares of Chegg in a research report on Tuesday, April 30th. Finally, Piper Sandler reiterated an “underweight” rating and issued a $6.00 target price (down previously from $8.50) 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 given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.31.

Chegg Stock Performance

Shares of CHGG 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 50-day moving average of $7.45 and a two-hundred day moving average of $8.99. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.80. The stock has a market cap of $535.63 million, a price-to-earnings ratio of -27.58, a PEG ratio of 0.98 and a beta of 1.35.

Institutional Trading of Chegg

A number of institutional investors have recently added to or reduced their stakes in CHGG. Commonwealth Equity Services LLC lifted its holdings 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 purchasing an additional 1,768 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Chegg by 4.5% in the fourth quarter. SG Americas Securities LLC now owns 51,205 shares of the technology company’s stock worth $582,000 after buying an additional 2,216 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Chegg by 6.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 41,595 shares of the technology company’s stock worth $473,000 after buying an additional 2,500 shares during the period. GHE LLC grew its stake in 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 buying an additional 2,548 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Chegg by 5.3% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 51,276 shares of the technology company’s stock worth $457,000 after acquiring an additional 2,600 shares during the period. 95.18% of the stock is currently owned by institutional investors and hedge funds.

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.