Chime Financial (NASDAQ:CHYM) Price Target Raised to $39.00

Key Points

• Morgan Stanley raised Chime Financial’s price target from $33 to $39 while maintaining an “overweight” rating, implying approximately 24% upside from the cited share price.
• Analyst sentiment is broadly positive: Chime has a consensus “Moderate Buy” rating and an average price target of $31.39, with several firms recently increasing their targets, including Canaccord Genuity to $45.
• Chime reported quarterly revenue of $669.77 million, up 26.8% year over year, and earnings of $0.07 per share, beating expectations; however, insiders have sold nearly 4.9 million shares worth about $156.2 million over the past 90 days.

Chime Financial (NASDAQ:CHYM - Get Free Report) had its price target increased by Morgan Stanley from $33.00 to $39.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's target price would suggest a potential upside of 24.01% from the stock's current price.

CHYM has been the subject of several other reports. UBS Group increased their price target on Chime Financial from $26.00 to $28.00 and gave the company a "neutral" rating in a research report on Thursday, August 6th. Piper Sandler boosted their target price on shares of Chime Financial from $30.00 to $35.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Weiss Ratings raised shares of Chime Financial from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, August 6th. Barclays upped their target price on shares of Chime Financial from $26.00 to $33.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Finally, Canaccord Genuity Group lifted their price target on Chime Financial from $40.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $31.39.

Chime Financial Stock Down 1.8%

Shares of CHYM stock opened at $31.45 on Tuesday. The company's fifty day simple moving average is $22.15 and its 200-day simple moving average is $21.01. The firm has a market cap of $11.91 billion, a PE ratio of -449.22 and a beta of 0.31. Chime Financial has a 12 month low of $15.88 and a 12 month high of $33.41.

Chime Financial (NASDAQ:CHYM - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $669.77 million during the quarter. During the same period last year, the business posted ($7.29) EPS. The firm's revenue for the quarter was up 26.8% on a year-over-year basis. On average, equities analysts predict that Chime Financial will post 0.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Chime Financial

In other Chime Financial news, insider Ryan A. King sold 375,000 shares of the business's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $30.27, for a total value of $11,351,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Matthew S. Newcomb sold 65,000 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $30.17, for a total value of $1,961,050.00. Following the completion of the sale, the chief financial officer owned 2,216,070 shares of the company's stock, valued at approximately $66,858,831.90. This trade represents a 2.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 4,891,471 shares of company stock worth $156,168,157 in the last 90 days. Company insiders own 12.30% of the company's stock.

Institutional Trading of Chime Financial

Institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio acquired a new stake in shares of Chime Financial during the 2nd quarter worth $1,517,000. Ranger Investment Management L.P. acquired a new stake in Chime Financial during the second quarter worth about $24,344,000. Bank of New York Mellon Corp bought a new position in Chime Financial in the 2nd quarter valued at about $13,453,000. Handelsbanken Fonder AB acquired a new position in shares of Chime Financial in the 2nd quarter valued at approximately $1,358,000. Finally, Affinity Capital Advisors LLC bought a new stake in shares of Chime Financial during the 2nd quarter worth approximately $325,000.

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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