Katie O'Brien
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Katie O'Brien in Senior Content Editor,

Chegg Book Renters Falls Short of Q4 Expectations

Chegg (NYSE: CHGG), a leading online seller of textbooks and etextbooks, saw shares rising this week by more than 2 percent, according to Rock Hill Daily. Over the past month, shares rose almost 24 percent.

In a recently released fourth quarter report, Chegg boasts revenues for the year of almost $84.5 million, Rock Hill Daily reported. Analysts predicted $85 million for the year, placing the company just short of expectations.

Ace Ltd., a major Chegg shareholder, sold 3,000,000 shares on Monday, WKRB13 reported, making a total of $24 million in the transaction. The shares sold at $8 each.