Chegg Stock Price Down 6.2% on Disappointing Earnings (CHGG)
Shares of Chegg (NASDAQ:CHGG) traded down 6.2% on Monday following a weaker than expected earnings announcement, AnalystRatings.NET reports. The stock traded as low as $6.02 and last traded at $6.04, with a volume of 512,889 shares. The stock had previously closed at $6.44.
The company reported ($0.10) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.02) by $0.08. The company had revenue of $64.50 million for the quarter, compared to the consensus estimate of $64.00 million. Chegg’s revenue was up 15.5% compared to the same quarter last year.
Separately, analysts at Lake Street Capital initiated coverage on shares of Chegg in a research note on Tuesday, May 20th. They set a “buy” rating and a $9.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $10.71.
The stock has a 50-day moving average of $6.71 and a 200-day moving average of $6.4. The company’s market cap is $489.2 million.
Chegg, Inc (NASDAQ:CHGG) is the student-first connected learning platform, empowering students to take control of their education to save time, save money and get smarter.
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