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Shares of two big online education stocks tank more than 10% as students use ChatGPT

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Chegg and Coursera both sank 14% in premarket trading Tuesday, a day after issuing disappointing guidance.

James Tahaney loads textbooks on to a pallet in preparation for shipping at the Chegg warehouse in Shepherdsville, Kentucky, on April 29, 2010.Both stocks sank by more than 10% on Tuesday after issuing disappointing guidance in part because of students using AI tools such as ChatGPT.

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. Current CEO Daniel L. Rosensweig, who will be succeeded by Nathan Schultz on June 1, touted the company's advancements in generative AI on the conference call.

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Shares of two big online education stocks tank more than 10% as students use ChatGPTChegg and Coursera both sank 14% in premarket trading Tuesday, a day after issuing disappointing guidance.
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