Analyzing the options chain and the chart patterns of CHGG Chegg prior to the earnings report this week, I would consider purchasing the 10usd strike price Puts with an expiration date of 2024-3-15, for a premium of approximately $1.22. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Trade active
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CHGG traded at $8.52 after earnings, and the puts went up from $1.22 (when I wrote this article) to $1.40 at the close today (higher intraday), for a small gain! Still bearish in the chain.