Chegg Stock Is Surging: What's Going On?
Portfolio Pulse from Adam Eckert
Chegg Inc's shares are trading higher after reporting strong Q2 results and an increased focus on generative AI tools. The company beat revenue estimates with $182.9 million and met EPS estimates with 28 cents. Chegg also reported improved customer acquisition and retention rates. The company expects Q3 revenue between $151 million and $153 million, with subscription service revenues between $135 million and $137 million. Piper Sandler and JPMorgan analysts maintained a Neutral rating for Chegg, raising the price target to $13 and $14 respectively.
August 08, 2023 | 1:09 pm
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POSITIVE IMPACT
Chegg's strong Q2 results and positive outlook for Q3, along with raised price targets by analysts, have led to a surge in its stock price.
Chegg's strong Q2 results, beating revenue estimates and meeting EPS estimates, have positively impacted its stock price. The company's positive outlook for Q3 and the raised price targets by Piper Sandler and JPMorgan analysts further boost investor confidence, leading to a surge in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100