Chime Financial (NASDAQ:CHYM) Hits New 52-Week Low - What's Next?

Key Points

• Chime Financial's stock hit a new 52-week low at $28.20, closing slightly higher at $28.56 on significant trading volume of 558,993 shares.
• Analysts maintain a positive outlook on Chime Financial, with several firms issuing "buy" ratings and target prices ranging from $38 to $42.
• Despite a revenue increase of 37.5% year-over-year to $528.15 million, the company reported a larger-than-expected loss of $7.29 per share for the quarter.

Chime Financial, Inc. (NASDAQ:CHYM - Get Free Report) shares reached a new 52-week low on Friday . The stock traded as low as $28.20 and last traded at $28.56, with a volume of 558993 shares trading hands. The stock had previously closed at $29.25.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Canaccord Genuity Group reissued a "buy" rating and issued a $40.00 price objective on shares of Chime Financial in a research note on Monday. Keefe, Bruyette & Woods started coverage on shares of Chime Financial in a report on Tuesday, July 8th. They issued an "outperform" rating and a $42.00 price target for the company. Evercore ISI started coverage on shares of Chime Financial in a report on Monday, July 7th. They issued an "outperform" rating and a $38.00 price target for the company. Morgan Stanley initiated coverage on shares of Chime Financial in a research report on Monday, July 7th. They issued an "overweight" rating and a $39.00 price objective on the stock. Finally, Piper Sandler initiated coverage on shares of Chime Financial in a research report on Monday, July 7th. They set an "overweight" rating and a $40.00 target price on the stock. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $38.00.

Chime Financial Stock Performance

The company's 50 day moving average is $32.02.

Chime Financial (NASDAQ:CHYM - Get Free Report) last issued its quarterly 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 company had revenue of $528.15 million for the quarter, compared to the consensus estimate of $503.88 million. The firm's quarterly revenue was up 37.5% on a year-over-year basis.

Institutional Trading of Chime Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC acquired a new stake in Chime Financial during the second quarter worth approximately $33,000. Daiwa Securities Group Inc. acquired a new position in shares of Chime Financial in the 2nd quarter valued at $40,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Chime Financial in the 2nd quarter valued at $113,000. Legal & General Group Plc acquired a new position in shares of Chime Financial in the 2nd quarter valued at $136,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Chime Financial in the 2nd quarter valued at $159,000.

Chime Financial Company Profile

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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