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Textbook rental hub Chegg’s stock drops more than 20 percent

on November 14, 2013

Gigaom

While the stock gods may have smiled upon Twitter (s twtr), textbook rental website Chegg (s chgg) saw no such luck Wednesday, tumbling off more than 20 percent from its IPO price on its first day trading, according to Forbes. With an initial price of $12.50, the stock peaked in immediate trading only to fall into a steady decline and close at $9.68 at the end of the day — a total drop of 22.6 percent. It’s a big blow to the company and to the tech IPO boom overall, which has been eyed by many wary analysts for its instability.

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