Chime Financial (NASDAQ:CHYM) Trading 7.6% Higher on Analyst Upgrade

Key Points

• Chime Financial's stock rose 7.6% following an upgrade from UBS Group, which increased its price target from $35.00 to $37.00 while maintaining a neutral rating.
• The company has received positive coverage from several analysts, with five analysts giving it a hold rating and nine issuing buy ratings, contributing to a consensus rating of "Moderate Buy."
• Despite a revenue increase of 37.5% year-over-year, Chime Financial reported a larger than expected earnings loss of ($7.29) EPS, missing analysts' estimates.

Chime Financial, Inc. (NASDAQ:CHYM - Get Free Report) shares were up 7.6% during trading on Monday after UBS Group raised their price target on the stock from $35.00 to $37.00. UBS Group currently has a neutral rating on the stock. Chime Financial traded as high as $31.17 and last traded at $31.10. Approximately 1,762,497 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 3,276,728 shares. The stock had previously closed at $28.89.

A number of other equities analysts have also recently issued reports on the stock. Canaccord Genuity Group started coverage on shares of Chime Financial in a research report on Monday, July 7th. They issued a "buy" rating and a $40.00 price objective on the stock. Piper Sandler initiated coverage on shares of Chime Financial in a research report on Monday, July 7th. They issued an "overweight" rating and a $40.00 price objective on the stock. Wolfe Research started coverage on shares of Chime Financial in a research note on Monday, July 7th. They issued an "outperform" rating and a $38.00 target price for the company. JPMorgan Chase & Co. began coverage on shares of Chime Financial in a report on Monday, July 7th. They issued an "overweight" rating and a $40.00 price objective for the company. Finally, William Blair assumed coverage on shares of Chime Financial in a research report on Monday, July 7th. They set an "outperform" rating on the stock. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Chime Financial presently has a consensus rating of "Moderate Buy" and an average target price of $38.00.

Hedge Funds Weigh In On Chime Financial

A number of large investors have recently made changes to their positions in CHYM. Geode Capital Management LLC acquired a new position in Chime Financial during the second quarter worth about $9,519,000. SBI Securities Co. Ltd. bought a new stake in shares of Chime Financial during the 2nd quarter worth about $217,000. Claro Advisors LLC purchased a new position in shares of Chime Financial in the second quarter worth approximately $402,000. ANTIPODES PARTNERS Ltd acquired a new stake in Chime Financial in the second quarter valued at approximately $173,000. Finally, Jennison Associates LLC acquired a new stake in shares of Chime Financial in the second quarter worth $3,766,000.

Chime Financial Trading Up 5.0%

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 during the quarter, compared to analysts' expectations of $503.88 million. The company's revenue was up 37.5% on a year-over-year basis.

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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