Canaccord Genuity Group Reaffirms "Buy" Rating for Chime Financial (NASDAQ:CHYM)

Key Points

• Canaccord Genuity Group has reaffirmed a "Buy" rating for Chime Financial, setting a price target of $40.00, indicating a potential upside of 38.46% from its previous close.
• Chime Financial's stock is currently valued at $28.89, with a 52-week range between $28.21 and $44.94, and a reported earnings miss of ($7.29) per share compared to a consensus of ($4.85).
• Recent analyst ratings show nine buy ratings and one strong buy rating, while the average price target among analysts is $38.00, reflecting a general consensus towards a positive outlook for the company.

Chime Financial (NASDAQ:CHYM - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Canaccord Genuity Group in a research report issued on Monday,Benzinga reports. They currently have a $40.00 target price on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 38.46% from the stock's previous close.

A number of other equities research analysts have also weighed in on the stock. Compass Point assumed coverage on shares of Chime Financial in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $33.00 price objective on the stock. Evercore ISI assumed coverage on shares of Chime Financial in a report on Monday, July 7th. They issued an "outperform" rating and a $38.00 price objective on the stock. Morgan Stanley assumed coverage on shares of Chime Financial in a report on Monday, July 7th. They issued an "overweight" rating and a $39.00 price objective on the stock. Seaport Res Ptn upgraded shares of Chime Financial to a "strong-buy" rating in a report on Monday, June 30th. Finally, The Goldman Sachs Group began coverage on shares of Chime Financial in a report on Monday, July 7th. They issued a "neutral" rating and a $34.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $38.00.

Chime Financial Stock Down 14.7%

NASDAQ:CHYM opened at $28.89 on Monday. Chime Financial has a fifty-two week low of $28.21 and a fifty-two week high of $44.94.

Chime Financial (NASDAQ:CHYM - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($7.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($4.85) by ($2.44). The business had revenue of $528.15 million for the quarter, compared to the consensus estimate of $503.88 million. The company's revenue for the quarter was up 37.5% compared to the same quarter last year.

Institutional Trading of Chime Financial

Institutional investors and hedge funds have recently modified their holdings of the business. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Chime Financial during the second quarter valued at approximately $113,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Chime Financial during the second quarter valued at approximately $173,000. Hennessy Advisors Inc. purchased a new position in shares of Chime Financial during the second quarter valued at approximately $207,000. SBI Securities Co. Ltd. purchased a new position in shares of Chime Financial during the second quarter valued at approximately $217,000. Finally, PFG Investments LLC purchased a new position in shares of Chime Financial during the second quarter valued at approximately $350,000.

About Chime Financial

Chime is a financial technology company that partners with federally regulated, FDIC-insured banks—The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC—to provide consumer banking products and services. The company's model is designed to eliminate common fees and simplify access to basic financial services. Chime does not charge overdraft fees, monthly service fees, or require minimum balances.

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