BMO Capital Markets Lowers Chime Financial (NASDAQ:CHYM) Price Target to $28.00

Chime Financial (NASDAQ:CHYM) had its target price reduced by analysts at BMO Capital Markets from $30.00 to $28.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ price objective indicates a potential upside of 34.87% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Texas Capital upgraded shares of Chime Financial to a “strong-buy” rating in a report on Tuesday, April 14th. Weiss Ratings reissued a “sell (e+)” rating on shares of Chime Financial in a research report on Wednesday, June 3rd. Barclays began coverage on shares of Chime Financial in a research note on Wednesday, July 8th. They issued an “overweight” rating and a $26.00 target price for the company. Wells Fargo & Company lifted their price target on shares of Chime Financial from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $40.00 price target on shares of Chime Financial in a research report on Monday, May 11th. Four analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Chime Financial currently has a consensus rating of “Moderate Buy” and an average price target of $29.19.

Chime Financial Price Performance

Shares of NASDAQ CHYM opened at $20.76 on Wednesday. Chime Financial has a 1-year low of $15.88 and a 1-year high of $36.48. The business has a fifty day moving average price of $19.06 and a 200 day moving average price of $20.99. The stock has a market capitalization of $7.91 billion and a P/E ratio of -2.79.

Chime Financial (NASDAQ:CHYM) last posted its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.10. The company had revenue of $647.39 million for the quarter. Chime Financial had a negative return on equity of 67.86% and a negative net margin of 41.87%.The company’s revenue was up 24.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Chime Financial will post 0.3 earnings per share for the current fiscal 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 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 completion of the transaction, the general counsel 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Chime Financial

Several hedge funds have recently made changes to their positions in CHYM. EverSource Wealth Advisors LLC purchased a new position in shares of Chime Financial in the second quarter worth about $33,000. Scopus Asset Management L.P. purchased a new stake in Chime Financial in the second quarter valued at approximately $34,000. PNC Financial Services Group Inc. purchased a new stake in Chime Financial in the fourth quarter valued at approximately $25,000. Daiwa Securities Group Inc. acquired a new position in Chime Financial in the 2nd quarter worth approximately $40,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Chime Financial by 686.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,462 shares of the company’s stock worth $37,000 after buying an additional 1,276 shares during the period.

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.