BMO Capital Markets Initiates Coverage on Chime Financial (NASDAQ:CHYM)

BMO Capital Markets initiated coverage on shares of Chime Financial (NASDAQ:CHYM) in a note issued to investors on Wednesday, MarketBeat reports. The firm set an “outperform” rating and a $30.00 price target on the stock. BMO Capital Markets’ target price suggests a potential upside of 28.04% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. KeyCorp assumed coverage on shares of Chime Financial in a research note on Wednesday, March 4th. They set an “overweight” rating and a $30.00 target price on the stock. Wall Street Zen raised Chime Financial from a “hold” rating to a “buy” rating in a research report on Sunday, April 12th. Rothschild & Co Redburn upgraded Chime Financial to a “hold” rating in a research note on Monday, January 26th. The Goldman Sachs Group lifted their price target on Chime Financial from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. Finally, Wells Fargo & Company began coverage on Chime Financial in a research note on Monday, April 13th. They set an “overweight” rating and a $25.00 price target on the stock. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.50.

Chime Financial Stock Performance

Shares of NASDAQ CHYM opened at $23.43 on Wednesday. Chime Financial has a fifty-two week low of $16.17 and a fifty-two week high of $44.94. The company has a market cap of $9.00 billion and a PE ratio of -3.10. The business has a 50-day simple moving average of $20.66 and a two-hundred day simple moving average of $21.94.

Chime Financial (NASDAQ:CHYM) last issued its earnings results on Wednesday, February 25th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.08. The firm had revenue of $596.36 million for the quarter. Chime Financial had a negative return on equity of 70.90% and a negative net margin of 46.18%.Chime Financial’s quarterly revenue was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.30) EPS. On average, sell-side analysts predict that Chime Financial will post 0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chime Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. bought a new stake in Chime Financial during the fourth quarter valued at $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Chime Financial in the 2nd quarter worth approximately $33,000. Scopus Asset Management L.P. purchased a new stake in shares of Chime Financial during the second quarter valued at $34,000. Caitong International Asset Management Co. Ltd grew its position in Chime Financial by 686.0% during the 4th 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 in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Chime Financial during the second quarter worth approximately $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.