Chime Financial (NASDAQ:CHYM) Given New $44.00 Price Target at B. Riley Financial

Key Points

• B. Riley Financial raised Chime Financial’s price target to $44 from $37 while maintaining a “Buy” rating, implying 28.71% upside from the reported $34.19 share price.
• Chime shares rose 3.6% to $34.19, near their 12-month high of $35.55. The company’s latest quarterly results exceeded expectations, with EPS of $0.07 versus a projected loss of $0.01 and revenue up 26.8% year over year to $669.77 million.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and price target of $36.20, although insiders sold nearly 14 million shares worth about $455.2 million over the past 90 days.

Chime Financial (NASDAQ:CHYM - Get Free Report) had its price target increased by stock analysts at B. Riley Financial from $37.00 to $44.00 in a research note issued on Monday, Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley Financial's target price suggests a potential upside of 28.71% from the company's current price.

CHYM has been the topic of a number of other reports. Wells Fargo & Company boosted their target price on Chime Financial from $33.00 to $39.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 25th. Loop Capital assumed coverage on Chime Financial in a research note on Wednesday, September 9th. They issued a "buy" rating and a $45.00 price target on the stock. Piper Sandler increased their price objective on shares of Chime Financial from $35.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, September 9th. KeyCorp boosted their price target on Chime Financial from $33.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, September 9th. Finally, Morgan Stanley boosted their target price on shares of Chime Financial from $39.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, September 9th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $36.20.

Chime Financial Stock Up 3.6%

Chime Financial stock traded up $1.19 during mid-day trading on Monday, reaching $34.19. 4,539,328 shares of the company's stock were exchanged, compared to its average volume of 5,378,214. The company has a market cap of $12.94 billion, a P/E ratio of -488.12 and a beta of 0.60. The company has a fifty day moving average of $27.73 and a 200-day moving average of $22.52. Chime Financial has a twelve month low of $15.88 and a twelve month high of $35.55.

Chime Financial (NASDAQ:CHYM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.08. Chime Financial had a negative net margin of 0.74% and a negative return on equity of 1.28%. The company had revenue of $669.77 million during the quarter. During the same quarter last year, the firm earned ($7.29) EPS. The company's revenue was up 26.8% on a year-over-year basis. Equities research analysts expect that Chime Financial will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Chime Financial

In related news, major shareholder Global Advisors Ltd Dst sold 4,456,157 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $32.66, for a total value of $145,538,087.62. Following the transaction, the insider directly owned 405,663 shares in the company, valued at approximately $13,248,953.58. This represents a 91.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan King sold 375,000 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $30.27, for a total transaction of $11,351,250.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 13,998,346 shares of company stock worth $455,195,655. Insiders own 12.30% of the company's stock.

Hedge Funds Weigh In On Chime Financial

A number of institutional investors and hedge funds have recently made changes to their positions in CHYM. AMS Capital Ltda bought a new stake in Chime Financial during the first quarter valued at about $3,439,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Chime Financial by 2,720.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,756,555 shares of the company's stock valued at $51,630,000 after acquiring an additional 2,658,816 shares during the last quarter. Hsbc Holdings PLC bought a new stake in Chime Financial during the fourth quarter worth approximately $1,274,000. Brown University raised its position in Chime Financial by 99.0% during the first quarter. Brown University now owns 204,625 shares of the company's stock valued at $3,833,000 after purchasing an additional 101,820 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Chime Financial by 115.0% in the 1st quarter. Bank of America Corp DE now owns 319,579 shares of the company's stock worth $5,986,000 after purchasing an additional 170,941 shares during the period.

Chime Financial Company Profile

Chime Financial, Inc is a financial technology company that operates a digital banking platform in the United States. Chime provides consumer-focused banking services through its mobile application and website, offering checking and savings accounts, debit cards, direct-deposit services and tools designed to help customers manage their everyday finances. Chime is not a traditional bank; its banking services are provided through partner financial institutions.

The company's products include a Visa debit card, fee-free overdraft protection through SpotMe for eligible members, early access to qualifying direct deposits, savings features and credit-building products.

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