Why Chegg Shares Are Trading Higher Today

Chegg Inc CHGG is trading higher Monday after the company announced a proposed $300 million accelerated share repurchase.

The proposed accelerated share repurchase transaction will be effectuated pursuant to Chegg’s previously announced $1 billion securities repurchase program that was announced earlier this month.

"The accelerated share repurchase demonstrates the strength of our balance sheet, and it reaffirms our confidence in the long-term opportunity for Chegg, as well as our continued commitment to enhancing shareholder value," said Dan Rosensweig, CEO of Chegg.

"Chegg believes there are robust growth opportunities, both organically and inorganically, to serve our existing customers and increase our TAM, so we can serve more learners around the world. We are firm believers in the future growth of online education and skills services globally and in Chegg’s position to support students on their path from learning to earning," Rosensweig added.

See Also: Expert Ratings For Chegg

Chegg is an American educational services company that specializes in textbook rentals, course assistance and online tutoring.

CHGG Price Action: Chegg has traded as high as $115.21 and as low as $24.25 over a 52-week period.

The stock was up 4% at $25.99 at time of publication.