Chime Financial (NASDAQ:CHYM) Given "Buy" Rating at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group reiterated a Buy rating on Chime Financial and set a $40 price target, implying about 117% upside from the current share price.
• Other analysts are mixed but generally constructive on CHYM, with the consensus rating listed as Moderate Buy and an average target price of $31.65.
• Chime recently reported Q1 earnings of $0.13 per share, beating estimates, while revenue rose 24.8% year over year to $647.39 million.

Chime Financial (NASDAQ:CHYM - Get Free Report)'s stock had its "buy" rating restated by investment analysts at Canaccord Genuity Group in a report released on Monday,Benzinga reports. They currently have a $40.00 price target on the stock. Canaccord Genuity Group's price target points to a potential upside of 117.16% from the stock's current price.

A number of other research firms have also issued reports on CHYM. UBS Group raised their price target on shares of Chime Financial from $24.00 to $27.00 and gave the stock a "neutral" rating in a research report on Thursday, February 26th. Wall Street Zen raised shares of Chime Financial from a "hold" rating to a "buy" rating in a research note on Sunday, April 12th. Compass Point raised shares of Chime Financial from a "neutral" rating to a "buy" rating and dropped their price objective for the stock from $33.00 to $27.00 in a research note on Monday, April 13th. Rothschild & Co Redburn raised shares of Chime Financial to a "hold" rating in a research note on Monday, January 26th. Finally, BMO Capital Markets started coverage on shares of Chime Financial in a research note on Wednesday, April 22nd. They set an "outperform" rating and a $30.00 price objective on the stock. Four research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Chime Financial currently has a consensus rating of "Moderate Buy" and an average target price of $31.65.

Chime Financial Stock Performance

CHYM opened at $18.42 on Monday. Chime Financial has a 12-month low of $16.17 and a 12-month high of $44.94. The firm has a market capitalization of $7.08 billion and a PE ratio of -2.48. The firm has a 50 day moving average of $20.99 and a two-hundred day moving average of $22.08.

Chime Financial (NASDAQ:CHYM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.10. Chime Financial had a negative net margin of 41.87% and a negative return on equity of 67.86%. The company had revenue of $647.39 million during the quarter. Chime Financial's revenue was up 24.8% on a year-over-year basis. As a group, analysts predict that Chime Financial will post 0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Chime Financial

Institutional investors have recently added to or reduced their stakes in the stock. Federated Hermes Inc. boosted its stake in Chime Financial by 11.1% during the 3rd quarter. Federated Hermes Inc. now owns 863,700 shares of the company's stock worth $17,421,000 after purchasing an additional 86,593 shares during the last quarter. Lunate Capital Ltd acquired a new stake in Chime Financial during the 3rd quarter worth $36,503,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in Chime Financial during the 3rd quarter worth $4,026,000. Davis Selected Advisers acquired a new stake in Chime Financial during the 3rd quarter worth $48,391,000. Finally, Farther Finance Advisors LLC boosted its stake in Chime Financial by 2,794.6% during the 4th quarter. Farther Finance Advisors LLC now owns 72,366 shares of the company's stock worth $1,821,000 after purchasing an additional 69,866 shares during the last quarter.

About Chime Financial

Chime Financial is a U.S.-based financial technology company offering mobile-first banking services designed to reduce fees and simplify everyday transactions. Founded in 2013 and headquartered in San Francisco, Chime operates a digital bank platform that provides customers with a checking account, a savings account, and a debit card without monthly maintenance fees, overdraft charges, or foreign transaction fees. The company’s platform is accessible via its mobile app, enabling users to manage their finances, track spending, and access customer support from their smartphones.

At the core of Chime’s service offering is its fee-free spending account, which includes early access to direct deposit funds—up to two days before scheduled payday—and instant transaction alerts.

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