Shares of online education company Chegg (CHGG Quick QuoteCHGG - Free Report) closed down over 48% on Tuesday as investors fled the stock following its Q3 earnings report. Revenue of $171.9 million came in a little below expectations, and non-GAAP earnings of $0.20 per share were in-line with the consensus.

However, Chegg’s Q4 guidance was the main issue. The company forecasts revenue of $194 million to $196 million compared to the Street consensus of $240.6 million. CEO Dan Rosenswieg also flashed a warning sign in the earnings release, saying that enrollment has not bounced back and students are taking “fewer and less rigorous classes.” But Rosensweig and the rest of management believe these setbacks to be temporary and a result of the Covid-19 pandemic.

More factors weighing on CHGG were a slew of analyst downgrades from Morgan Stanley & other firms. BMO Capital analyst Jeffrey Silber also lowered his PT on CHGG to $49 from $74 telling investors in a note “it may be considered a broken growth story for some time.”