Scotiabank Begins Coverage on Chime Financial (NASDAQ:CHYM)

Stock analysts at Scotiabank initiated coverage on shares of Chime Financial (NASDAQ:CHYM) in a research report issued to clients and investors on Wednesday, Briefing.com reports. The brokerage set a “sector outperform” rating and a $40.00 price target on the stock. Scotiabank’s target price indicates a potential upside of 26.34% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Piper Sandler lifted their price target on shares of Chime Financial from $30.00 to $35.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. BMO Capital Markets lifted their price target on Chime Financial from $28.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Morgan Stanley increased their price target on Chime Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a report on Tuesday, August 18th. B. Riley Financial upped their price target on shares of Chime Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Finally, Canaccord Genuity Group boosted their price objective on Chime Financial from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.74.

Chime Financial Trading Down 4.4%

Shares of NASDAQ CHYM opened at $31.66 on Wednesday. Chime Financial has a 12-month low of $15.88 and a 12-month high of $34.16. The firm has a market capitalization of $11.99 billion, a price-to-earnings ratio of -452.22 and a beta of 0.30. The firm has a 50 day moving average of $25.60 and a 200 day moving average of $21.77.

Chime Financial (NASDAQ:CHYM) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.08. Chime Financial had a negative return on equity of 1.28% and a negative net margin of 0.74%.The business had revenue of $669.77 million during the quarter. During the same quarter in the previous year, the company earned ($7.29) EPS. The business’s quarterly revenue was up 26.8% compared to the same quarter last year. Sell-side analysts predict that Chime Financial will post 0.41 EPS for the current year.

Insider Buying and Selling at Chime Financial

In related news, major shareholder Global Advisors Ltd Dst sold 4,456,157 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $32.66, for a total value of $145,538,087.62. Following the transaction, the insider directly owned 405,663 shares of the company’s stock, valued at $13,248,953.58. This represents a 91.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ryan A. King sold 375,000 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $30.27, for a total value of $11,351,250.00. 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 sold 13,682,790 shares of company stock worth $444,671,723 over the last ninety days. Corporate insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CHYM. California State Teachers Retirement System acquired a new stake in Chime Financial during the second quarter valued at $59,367,000. Comprehensive Financial Management LLC increased its stake in shares of Chime Financial by 2.4% in the 2nd quarter. Comprehensive Financial Management LLC now owns 565,976 shares of the company’s stock valued at $11,591,000 after purchasing an additional 13,225 shares in the last quarter. Spyglass Capital Management LLC increased its stake in shares of Chime Financial by 162.6% in the 2nd quarter. Spyglass Capital Management LLC now owns 3,406,249 shares of the company’s stock valued at $69,760,000 after purchasing an additional 2,109,057 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Chime Financial in the 2nd quarter worth about $1,517,000. Finally, Ranger Investment Management L.P. acquired a new position in Chime Financial in the 2nd quarter worth about $24,344,000.

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.