Chegg (NYSE:CHGG) Issues Earnings Results, Beats Estimates By $0.18 EPS

Chegg (NYSE:CHGG) issued its quarterly earnings data on Monday. The technology company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.18, FiscalAI reports. Chegg had a negative return on equity of 9.41% and a negative net margin of 17.14%.The business had revenue of $72.66 million during the quarter, compared to analysts’ expectations of $71.00 million.

Chegg Stock Performance

Shares of NYSE CHGG traded down $0.03 during mid-day trading on Monday, reaching $0.76. The company’s stock had a trading volume of 1,945,705 shares, compared to its average volume of 1,246,329. The stock has a 50-day moving average of $0.88 and a two-hundred day moving average of $1.15. The stock has a market capitalization of $83.45 million, a P/E ratio of -1.06 and a beta of 1.98. Chegg has a 1-year low of $0.44 and a 1-year high of $1.90.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Chegg in a research note on Monday, December 29th. Zacks Research lowered Chegg from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Two investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Chegg currently has an average rating of “Strong Sell” and an average target price of $1.00.

Hedge Funds Weigh In On Chegg

Institutional investors have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. grew its holdings in Chegg by 227.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 930,177 shares of the technology company’s stock valued at $1,405,000 after buying an additional 645,874 shares in the last quarter. Voleon Capital Management LP purchased a new stake in shares of Chegg in the third quarter valued at about $268,000. Qube Research & Technologies Ltd acquired a new stake in Chegg during the third quarter worth about $32,000. Public Employees Retirement System of Ohio increased its position in Chegg by 563.8% during the third quarter. Public Employees Retirement System of Ohio now owns 75,104 shares of the technology company’s stock worth $113,000 after purchasing an additional 63,790 shares during the last quarter. Finally, Centiva Capital LP purchased a new position in Chegg during the third quarter worth about $128,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

About Chegg

Chegg, Inc (NYSE: CHGG) is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.

The company’s core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.