In the last trading session, 5.68 million Chegg Inc (NYSE:CHGG) shares changed hands as the company’s beta touched 1.30. With the company’s per share price at $9.81 changed hands at -$0.65 or -6.21% during last session, the market valuation stood at $1.14B. CHGG’s last price was a discount, traded about -206.32% off its 52-week high of $30.05. The share price had its 52-week low at $7.32, which suggests the last value was 25.38% up since then. When we look at Chegg Inc’s average trading volume, we note the 10-day average is 2.82 million shares, with the 3-month average coming to 2.27 million.
Analysts gave the Chegg Inc (CHGG) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 3.12. If we narrow down to specifics, the data shows that 2 out of 16 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 13 recommended CHGG as a Hold, 1 felt it is a Buy and 0 rated the stock as Underweight. Chegg Inc’s EPS for the current quarter is expected to be $0.36.
Chegg Inc (NYSE:CHGG) trade information
Instantly CHGG was in red as seen at the end of in last trading. With action 15.14%, the performance over the past five days has been green. The drop to weekly highs of 10.73 on Monday, 11/20/23 subtracted -6.21% to the stock’s daily price. The company’s shares are showing year-to-date downside of -61.18%, with the 5-day performance at 15.14% in the green. However, in the 30-day time frame, Chegg Inc (NYSE:CHGG) is 16.92% up. Looking at the short shares, we see there were 7.63 million shares sold at short interest cover period of 3.48 days.
The consensus price target for the stock as assigned by Wall Street analysts is $10.15, meaning bulls need an upside of 3.35% from its current market value. According to analyst projections, CHGG’s forecast low is $8.00 with $13.00 as the target high. To hit the forecast high, the stock’s price needs a -32.52% plunge from its current level, while the stock would need to tank 18.45% for it to hit the projected low.
Chegg Inc (CHGG) estimates and forecasts
Data shows that the Chegg Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 3.81% over the past 6 months, a -16.15% in annual growth rate that is considerably lower than the industry average of 18.30%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Chegg Inc will fall -10.00%, while the growth in revenue is estimated to hit 11.10% for the next quarter. Year-over-year growth is forecast to reach -6.90% down from the last financial year.
Consensus estimates given by 13 financial analysts project the company’s revenue in the current quarter to hit an average of $187.44 million. 12 analysts are of the opinion that Chegg Inc’s revenue for the quarter ending Mar 2024 will be $180.68 million. The company’s revenue for the corresponding quarters a year ago was $205.19 million and $187.6 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -8.70%. The estimates for the next quarter sales put growth at -3.70%.
The 2023 estimates are for Chegg Inc earnings to decrease by -10.56%, but the outlook for the next 5-year period is at 20.00% per year.
Chegg Inc is expected to release its next quarterly earnings report between February 05 and February 09.
Chegg Inc (NYSE:CHGG)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 2.63% of Chegg Inc shares while 94.81% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 97.37%. There are 94.81% institutions holding the Chegg Inc stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 9.97% of the shares, roughly 11.5 million CHGG shares worth $102.09 million.
Baillie Gifford and Company holds the second largest percentage of outstanding shares, with 9.25% or 10.66 million shares worth $94.7 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard U.S. Growth Fund. With 3.76 million shares estimated at $33.35 million under it, the former controlled 3.26% of total outstanding shares. On the other hand, Vanguard U.S. Growth Fund held about 3.09% of the shares, roughly 3.56 million shares worth around $31.96 million.