Chime Financial (NASDAQ:CHYM) Trading 7% Higher – Should You Buy?

Shares of Chime Financial, Inc. (NASDAQ:CHYM) were up 7% during mid-day trading on Friday . The company traded as high as $19.35 and last traded at $19.5580. Approximately 1,245,829 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 4,329,631 shares. The stock had previously closed at $18.27.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CHYM shares. KeyCorp assumed coverage on Chime Financial in a research report on Wednesday, March 4th. They set an “overweight” rating and a $30.00 price objective on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Chime Financial in a report on Wednesday, June 3rd. BMO Capital Markets started coverage on Chime Financial in a research note on Wednesday, April 22nd. They issued an “outperform” rating and a $30.00 target price for the company. Wall Street Zen upgraded Chime Financial from a “hold” rating to a “buy” rating in a report on Sunday, April 12th. Finally, Wells Fargo & Company boosted their price target on shares of Chime Financial from $25.00 to $28.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.65.

Chime Financial Stock Up 11.2%

The stock has a 50-day simple moving average of $19.00 and a 200 day simple moving average of $21.62. The company has a market cap of $7.74 billion and a PE ratio of -2.73.

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 analysts’ consensus estimates of $0.03 by $0.10. The firm had revenue of $647.39 million during the quarter. Chime Financial had a negative return on equity of 67.86% and a negative net margin of 41.87%.Chime Financial’s revenue for the quarter was up 24.8% on a year-over-year basis. As a group, research analysts anticipate that Chime Financial, Inc. will post 0.3 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Adam B. Frankel sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were 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. The trade was a 0.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 12.30% of the company’s stock.

Institutional Trading of Chime Financial

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. purchased a new position in shares of Chime Financial during the second quarter worth $693,000. Legal & General Group Plc acquired a new position in Chime Financial during the 2nd quarter worth about $136,000. Russell Investments Group Ltd. purchased a new position in Chime Financial during the 2nd quarter valued at about $958,000. EverSource Wealth Advisors LLC purchased a new stake in Chime Financial during the second quarter worth about $33,000. Finally, Marshall Wace LLP acquired a new stake in shares of Chime Financial during the second quarter worth about $9,087,000.

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.