Shares of two big online education stocks tank more than 10% as students use ChatGPT
CHGGChegg(CHGG) CNBC·2024-04-30 22:21

James Tahaney loads textbooks on to a pallet in preparation for shipping at the Chegg warehouse in Shepherdsville, Kentucky, on April 29, 2010."We question the ability of CHGG to return to durable growth as free AI tools become an attractive alternative to a paid CHGG sub," analyst Brent Thill wrote in a note Tuesday.As a result, Jefferies downgraded the stock to underperform from hold and lowered its price target to $4 from $7, suggesting 2% downside from Monday's close.Chegg, which announced a new CEO, sa ...