Chime Financial's (CHYM) "Buy" Rating Reiterated at Canaccord Genuity Group

Key Points

• Canaccord Genuity reaffirmed its “Buy” rating on Chime Financial and set a $40 price target, implying approximately 77% upside from the prior close.
• Analyst sentiment remains broadly positive: MarketBeat reports an average rating of “Buy” and an average price target of $29.19, with five Strong Buy and ten Buy ratings.
• Chime reported first-quarter EPS of $0.13, exceeding the $0.03 consensus estimate, while revenue rose 24.8% year over year to $647.39 million; however, the company continued to post negative net margin and return on equity.

Chime Financial (NASDAQ:CHYM - Get Free Report)'s stock had its "buy" rating restated by research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $40.00 price target on the stock. Canaccord Genuity Group's price objective would suggest a potential upside of 76.99% from the company's previous close.

A number of other analysts also recently issued reports on CHYM. BMO Capital Markets decreased their price target on Chime Financial from $30.00 to $28.00 and set an "outperform" rating for the company in a report on Wednesday, July 22nd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Chime Financial in a report on Wednesday, June 3rd. Texas Capital raised Chime Financial to a "strong-buy" rating in a research report on Tuesday, April 14th. Wall Street Zen upgraded shares of Chime Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 25th. Finally, Compass Point upgraded shares of Chime Financial from a "neutral" rating to a "buy" rating and decreased their price target for the stock from $33.00 to $27.00 in a research note on Monday, April 13th. Five analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Chime Financial currently has an average rating of "Buy" and an average price target of $29.19.

Chime Financial Stock Up 0.8%

Shares of CHYM opened at $22.60 on Friday. The company has a market cap of $8.61 billion and a P/E ratio of -3.04. Chime Financial has a fifty-two week low of $15.88 and a fifty-two week high of $35.34. The firm's 50 day moving average price is $19.50 and its 200 day moving average price is $20.79.

Chime Financial (NASDAQ:CHYM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.03 by $0.10. The business had revenue of $647.39 million during the quarter. Chime Financial had a negative net margin of 41.87% and a negative return on equity of 67.86%. The business's revenue for the quarter was up 24.8% compared to the same quarter last year. Research analysts forecast that Chime Financial will post 0.3 earnings per share for the current year.

Insider Buying and Selling

In other Chime Financial news, General Counsel Adam B. Frankel sold 3,000 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $17.50, for a total transaction of $52,500.00. Following the sale, the general counsel directly owned 303,795 shares in the company, valued at approximately $5,316,412.50. The trade was a 0.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.30% of the company's stock.

Institutional Trading of Chime Financial

Several hedge funds and other institutional investors have recently made changes to their positions in CHYM. PNC Financial Services Group Inc. purchased a new position in Chime Financial in the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Chime Financial in the 2nd quarter worth approximately $33,000. Scopus Asset Management L.P. purchased a new position in Chime Financial in the 2nd quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd raised its holdings in Chime Financial by 686.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,462 shares of the company's stock worth $37,000 after purchasing an additional 1,276 shares during the last quarter. Finally, Daiwa Securities Group Inc. purchased a new stake in Chime Financial during the second quarter worth $40,000.

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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