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Stock Alert: Chegg Gains 5% On Stock Repurchase

Chegg, Inc. (CHGG) shares are adding on Wednesday morning trade as its board authorized the repurchase of up to $500 million common stock and or convertible notes.

The shares are currently at $63.40, up 5.02 percent from its previous close of $60.39.
The stock has been sliding since the first week of May and slightly gained momentum from June 8. For the 52-week period, the shares have traded in a range of $25.89-$67-98 on average volume of 3,512,223.

The direct-to-student learning platform said it would fund the repurchase program from its existing cash balance and future cash flows from operations.

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