Canaccord Genuity Group Reiterates “Buy” Rating for Chime Financial (NASDAQ:CHYM)

Chime Financial (NASDAQ:CHYM)‘s stock had its “buy” rating restated by Canaccord Genuity Group in a note issued to investors on Friday,Benzinga reports. They currently have a $40.00 target price on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 76.99% from the company’s current price.

CHYM has been the subject of a number of other reports. Wells Fargo & Company boosted their price target on Chime Financial from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Barclays assumed coverage on Chime Financial in a research note on Wednesday, July 8th. They set an “overweight” rating and a $26.00 price objective on the stock. Freedom Capital raised shares of Chime Financial to a “strong-buy” rating in a research note on Thursday, July 23rd. BMO Capital Markets reduced their target price on shares of Chime Financial from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Chime Financial in a research note on Wednesday, June 3rd. Five research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Chime Financial has a consensus rating of “Buy” and a consensus target price of $29.19.

Chime Financial Price Performance

CHYM stock opened at $22.60 on Friday. The company’s 50 day simple moving average is $19.50 and its 200-day simple moving average is $20.79. Chime Financial has a 12 month low of $15.88 and a 12 month high of $35.34. The firm has a market capitalization of $8.61 billion and a PE ratio of -3.04.

Chime Financial (NASDAQ:CHYM) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.10. Chime Financial had a negative return on equity of 67.86% and a negative net margin of 41.87%.The firm had revenue of $647.39 million during the quarter. The business’s quarterly revenue was up 24.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Chime Financial will post 0.3 earnings per share for the current year.

Insider Transactions at Chime Financial

In other Chime Financial news, General Counsel Adam B. Frankel sold 3,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $17.50, for a total value of $52,500.00. Following the sale, the general counsel directly owned 303,795 shares of the company’s stock, valued at approximately $5,316,412.50. This trade represents a 0.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Chime Financial

A number of large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. purchased a new position in shares of Chime Financial in the 2nd quarter worth $693,000. Legal & General Group Plc acquired a new position in shares of Chime Financial during the 2nd quarter valued at $136,000. Russell Investments Group Ltd. acquired a new position in shares of Chime Financial during the 2nd quarter valued at $958,000. EverSource Wealth Advisors LLC purchased a new stake in Chime Financial during the 2nd quarter worth $33,000. Finally, Marshall Wace LLP acquired a new stake in Chime Financial in the 2nd quarter valued at $9,087,000.

Chime Financial Company Profile

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.