Chime Financial (NASDAQ:CHYM) Given New $37.00 Price Target at UBS Group

Key Points

• UBS Group has increased its price target for Chime Financial (NASDAQ:CHYM) from $35.00 to $37.00, suggesting a potential upside of 23.83% from its last closing price.
• Chime Financial's stock has decreased 11.8% recently, trading at $29.88 after a decline of $3.98.
• Institutional investors have been actively buying into Chime Financial, with significant new positions taken by firms including PFG Investments LLC and Jennison Associates LLC.

Chime Financial (NASDAQ:CHYM - Get Free Report) had its price target hoisted by equities research analysts at UBS Group from $35.00 to $37.00 in a report issued on Friday,Benzinga reports. The firm currently has a "neutral" rating on the stock. UBS Group's target price suggests a potential upside of 28.07% from the company's current price.

A number of other brokerages also recently commented on CHYM. William Blair began coverage on Chime Financial in a research report on Monday, July 7th. They issued an "outperform" rating for the company. The Goldman Sachs Group began coverage on Chime Financial in a research report on Monday, July 7th. They issued a "neutral" rating and a $34.00 price objective for the company. Keefe, Bruyette & Woods began coverage on Chime Financial in a research report on Tuesday, July 8th. They issued an "outperform" rating and a $42.00 price objective for the company. Evercore ISI began coverage on Chime Financial in a research report on Monday, July 7th. They issued an "outperform" rating and a $38.00 price objective for the company. Finally, Seaport Res Ptn raised Chime Financial to a "strong-buy" rating in a research report on Monday, June 30th. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Chime Financial has an average rating of "Moderate Buy" and an average target price of $38.00.

Chime Financial Price Performance

Shares of NASDAQ CHYM traded down $4.97 during trading on Friday, reaching $28.89. The company had a trading volume of 7,234,812 shares, compared to its average volume of 2,386,307. Chime Financial has a twelve month low of $28.21 and a twelve month high of $44.94.

Chime Financial (NASDAQ:CHYM - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($7.29) earnings per share for the quarter, missing analysts' consensus estimates of ($4.85) by ($2.44). The firm had revenue of $528.15 million during the quarter, compared to the consensus estimate of $503.88 million. The firm's revenue was up 37.5% compared to the same quarter last year.

Institutional Investors Weigh In On Chime Financial

A number of institutional investors have recently added to or reduced their stakes in CHYM. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Chime Financial during the second quarter worth about $113,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Chime Financial during the second quarter worth about $173,000. Hennessy Advisors Inc. acquired a new position in shares of Chime Financial during the second quarter worth about $207,000. SBI Securities Co. Ltd. acquired a new position in shares of Chime Financial during the second quarter worth about $217,000. Finally, PFG Investments LLC acquired a new position in shares of Chime Financial during the second quarter worth about $350,000.

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.