Chime Financial (NASDAQ:CHYM) Shares Up 7.6% 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.

Shares of Chime Financial, Inc. (NASDAQ:CHYM - Get Free Report) were up 7.6% 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 changed 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.

Other research analysts also recently issued reports about the stock. William Blair started coverage on shares of Chime Financial in a research note on Monday, July 7th. They set an "outperform" rating on the stock. Evercore ISI started coverage on shares of Chime Financial in a report on Monday, July 7th. They set an "outperform" rating and a $38.00 target price on the stock. Seaport Res Ptn raised shares of Chime Financial to a "strong-buy" rating in a report on Monday, June 30th. Deutsche Bank Aktiengesellschaft began coverage on shares of Chime Financial in a report on Thursday, July 17th. They set a "hold" rating and a $35.00 target price on the stock. Finally, Wall Street Zen raised shares of Chime Financial to a "hold" rating in a report on Saturday, June 21st. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $38.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC acquired a new position in shares of Chime Financial in the second quarter worth about $33,000. Scopus Asset Management L.P. acquired a new position in shares of Chime Financial in the second quarter worth about $34,000. Daiwa Securities Group Inc. acquired a new position in shares of Chime Financial in the second quarter worth about $40,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Chime Financial in the second quarter worth about $113,000. Finally, Legal & General Group Plc acquired a new position in shares of Chime Financial in the second quarter worth about $136,000.

Chime Financial Trading Up 0.4%

The company has a 50-day moving average of $31.96.

Chime Financial (NASDAQ:CHYM - Get Free Report) last posted 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 firm had revenue of $528.15 million for the quarter, compared to analyst estimates of $503.88 million. The firm's revenue for the quarter was up 37.5% compared to the same quarter last year.

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.