Chime Financial (NASDAQ:CHYM) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank initiated coverage on shares of Chime Financial (NASDAQ:CHYM) in a research note released on Wednesday, Marketbeat reports. The firm issued a sector outperform rating and a $40.00 price objective on the stock.

Other analysts also recently issued research reports about the company. Wells Fargo & Company upped their price target on Chime Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 25th. Piper Sandler raised their price objective on Chime Financial from $30.00 to $35.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Zacks Research upgraded Chime Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. The Goldman Sachs Group upped their target price on Chime Financial from $26.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, UBS Group increased their price target on Chime Financial from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, August 6th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.74.

Chime Financial Trading Up 0.3%

CHYM stock opened at $33.76 on Wednesday. Chime Financial has a 1 year low of $15.88 and a 1 year high of $34.44. The company has a fifty day simple moving average of $26.49 and a 200 day simple moving average of $22.05. The firm has a market cap of $12.78 billion, a PE ratio of -482.22 and a beta of 0.60.

Chime Financial (NASDAQ:CHYM) last posted its earnings results on Wednesday, August 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.08. Chime Financial had a negative net margin of 0.74% and a negative return on equity of 1.28%. The firm had revenue of $669.77 million for the quarter. During the same period in the previous year, the company earned ($7.29) earnings per share. The company’s quarterly revenue was up 26.8% compared to the same quarter last year. As a group, analysts forecast that Chime Financial will post 0.41 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Global Advisors Ltd Dst sold 1,168,667 shares of the business’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $33.04, for a total transaction of $38,612,757.68. Following the completion of the transaction, the insider owned 369,370 shares of the company’s stock, valued at approximately $12,203,984.80. The trade was a 75.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher R. Britt sold 200,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $32.04, for a total value of $6,408,000.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 13,882,790 shares of company stock worth $451,079,723. 12.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. bought a new stake in shares of Chime Financial in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Chime Financial in the second quarter worth $33,000. Scopus Asset Management L.P. bought a new position in Chime Financial during the second quarter worth $34,000. Caitong International Asset Management Co. Ltd increased its position in Chime Financial by 686.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,462 shares of the company’s stock worth $37,000 after acquiring an additional 1,276 shares during the period. Finally, Daiwa Securities Group Inc. acquired a new position in Chime Financial during the 2nd quarter valued at $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.