Chime Financial (NASDAQ:CHYM) Price Target Raised to $38.00 at Wolfe Research

Chime Financial (NASDAQ:CHYM) had its price target upped by investment analysts at Wolfe Research from $32.00 to $38.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Wolfe Research’s price target would indicate a potential upside of 16.64% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Chime Financial from $26.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Barclays lifted their target price on Chime Financial from $26.00 to $33.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Piper Sandler increased their price target on Chime Financial from $30.00 to $35.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. B. Riley Financial raised their price objective on Chime Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Canaccord Genuity Group lifted their price objective on Chime Financial from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Four analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Chime Financial presently has a consensus rating of “Moderate Buy” and an average price target of $32.33.

Chime Financial Stock Performance

Shares of Chime Financial stock traded down $0.12 on Tuesday, hitting $32.58. The stock had a trading volume of 409,175 shares, compared to its average volume of 5,242,952. The stock has a 50 day moving average of $23.69 and a 200 day moving average of $21.29. The firm has a market capitalization of $12.33 billion, a P/E ratio of -464.32 and a beta of 0.30. Chime Financial has a twelve month low of $15.88 and a twelve month high of $33.74.

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 business had revenue of $669.77 million for the quarter. During the same quarter in the prior year, the business earned ($7.29) earnings per share. The firm’s quarterly revenue was up 26.8% on a year-over-year basis. Equities analysts expect that Chime Financial will post 0.41 earnings per share for the current year.

Insider Activity at Chime Financial

In related news, major shareholder Global Advisors Ltd Dst sold 473,694 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $32.71, for a total transaction of $15,494,530.74. Following the completion of the sale, the insider owned 397,652 shares of the company’s stock, valued at $13,007,196.92. This trade represents a 54.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Christopher R. Britt sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $30.16, for a total value of $4,524,000.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 10,558,165 shares of company stock worth $341,244,743 in the last 90 days. Corporate insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC bought a new position in Chime Financial during the second quarter worth $33,000. Scopus Asset Management L.P. acquired a new position in shares of Chime Financial during the second quarter valued at about $34,000. PNC Financial Services Group Inc. acquired a new position in shares of Chime Financial during the fourth quarter valued at about $25,000. Daiwa Securities Group Inc. bought a new position in shares of Chime Financial during the 2nd quarter worth about $40,000. Finally, Osaic Holdings Inc. acquired a new stake in shares of Chime Financial in the 2nd quarter valued at about $45,000.

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.