Chegg shares are trading lower after the company reported Q1 financial results and issued Q1 total net revenue guidance below estimates. Also, Piper Sandler reiterated an Underweight rating on the stock and lowered its price target from $8.5 to $6.
Portfolio Pulse from Benzinga Newsdesk
Chegg's shares dropped following its Q1 financial results announcement and lower-than-expected Q1 revenue guidance. Piper Sandler maintained an Underweight rating on Chegg and reduced the price target from $8.5 to $6.
April 30, 2024 | 11:26 am
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Chegg's stock price is likely to experience downward pressure following the announcement of disappointing Q1 financial results and lower-than-expected revenue guidance. Additionally, Piper Sandler's reaffirmed Underweight rating and reduced price target could further impact investor sentiment.
The negative reaction to Chegg's Q1 financial performance and the subsequent revenue guidance that fell short of expectations are clear indicators of potential short-term downward pressure on the stock price. Piper Sandler's decision to maintain an Underweight rating and lower the price target further validates the bearish outlook, likely influencing investor sentiment and stock performance negatively in the short term.
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IMPORTANCE 90
RELEVANCE 100