Chime Financial (NASDAQ:CHYM) Now Covered by Monness Crespi & Hardt

Key Points

• Monness Crespi & Hardt initiated coverage of Chime Financial with a neutral rating.
• Despite the neutral initiation, the broader analyst consensus remains “Moderate Buy”, with an average price target of $36.38; several firms recently raised their targets to between $31 and $40.
• Chime reported quarterly revenue of $669.77 million, up 26.8% year over year, and EPS of $0.07, beating expectations. However, insiders sold approximately $619.6 million of stock during the last quarter.

Equities research analysts at Monness Crespi & Hardt began coverage on shares of Chime Financial (NASDAQ:CHYM - Get Free Report) in a report released on Monday, Briefing.com reports. The brokerage set a "neutral" rating on the stock.

Other equities research analysts also recently issued research reports about the company. BMO Capital Markets lifted their target price on Chime Financial from $28.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Wells Fargo & Company upped their price target on shares of Chime Financial from $33.00 to $39.00 and gave the company an "overweight" rating in a research note on Tuesday, August 25th. Deutsche Bank Aktiengesellschaft raised shares of Chime Financial from a "hold" rating to a "buy" rating and raised their price target for the stock from $30.00 to $35.00 in a research report on Thursday, October 8th. UBS Group raised their price target on shares of Chime Financial from $28.00 to $31.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 9th. Finally, Piper Sandler lifted their price objective on shares of Chime Financial from $35.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 9th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Chime Financial has a consensus rating of "Moderate Buy" and a consensus target price of $36.38.

Chime Financial Stock Performance

Shares of NASDAQ CHYM opened at $29.57 on Monday. The firm has a market cap of $11.19 billion, a P/E ratio of -422.37 and a beta of 0.83. The business's 50 day moving average is $30.67 and its 200-day moving average is $24.38. Chime Financial has a 1-year low of $15.88 and a 1-year high of $35.55.

Chime Financial (NASDAQ:CHYM - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.08. Chime Financial had a negative return on equity of 1.28% and a negative net margin of 0.74%. The business had revenue of $669.77 million during the quarter. During the same quarter last year, the firm earned ($7.29) earnings per share. The business's revenue for the quarter was up 26.8% compared to the same quarter last year. Analysts forecast that Chime Financial will post 0.45 EPS for the current year.

Insider Activity

In other news, major shareholder Global Advisors Ltd Dst sold 3,216,189 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $33.99, for a total transaction of $109,318,264.11. Following the sale, the insider directly owned 336,798 shares of the company's stock, valued at approximately $11,447,764.02. This represents a 90.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Cynthia Marshall sold 20,000 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $33.09, for a total value of $661,800.00. Following the sale, the director directly owned 28,548 shares in the company, valued at approximately $944,653.32. This trade represents a 41.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 18,889,108 shares of company stock worth $619,627,638. 12.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Chime Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. NFSG Corp bought a new position in Chime Financial in the 3rd quarter valued at about $27,000. Reyes Financial Architecture Inc. acquired a new position in shares of Chime Financial in the 3rd quarter valued at approximately $39,000. Nisa Investment Advisors LLC lifted its holdings in shares of Chime Financial by 529.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,889 shares of the company's stock worth $50,000 after acquiring an additional 1,589 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Chime Financial by 1,316.3% during the 3rd quarter. GAMMA Investing LLC now owns 2,167 shares of the company's stock worth $58,000 after acquiring an additional 2,014 shares during the period. Finally, Root Financial Partners LLC bought a new stake in shares of Chime Financial during the 3rd quarter worth approximately $70,000.

About Chime Financial

Chime Financial, Inc is a financial technology company that provides digital banking services through its Chime platform. The company offers consumer-focused spending, saving and credit products designed to be accessed primarily through mobile applications rather than traditional branch locations.

Chime's products include spending accounts with debit cards, savings accounts, direct-deposit services, early access to qualifying paychecks, fee-free overdraft protection through SpotMe, and credit-building products.

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