Chime Financial (NASDAQ:CHYM) Upgraded at Rothschild & Co Redburn

Chime Financial (NASDAQ:CHYM) was upgraded by equities research analysts at Rothschild & Co Redburn from a “neutral” rating to a “buy” rating in a report issued on Monday, Benzinga reports. The brokerage presently has a $46.00 price target on the stock. Rothschild & Co Redburn’s price objective suggests a potential upside of 39.39% from the company’s current price.

Several other equities research analysts also recently commented on the company. Wall Street Zen raised Chime Financial from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. Wells Fargo & Company raised their price target on shares of Chime Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research report on Tuesday, August 25th. Barclays lifted their target price on Chime Financial from $33.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, September 9th. B. Riley Financial lifted their price objective on Chime Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Piper Sandler raised their price target on shares of Chime Financial from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, September 9th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $35.85.

Chime Financial Price Performance

Shares of CHYM stock opened at $33.00 on Monday. The business’s fifty day moving average is $27.73 and its 200 day moving average is $22.52. The stock has a market cap of $12.49 billion, a price-to-earnings ratio of -471.36 and a beta of 0.60. Chime Financial has a twelve month low of $15.88 and a twelve month high of $35.55.

Chime Financial (NASDAQ:CHYM) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.08. The company had revenue of $669.77 million during the quarter. Chime Financial had a negative net margin of 0.74% and a negative return on equity of 1.28%. The firm’s revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($7.29) earnings per share. Equities research analysts expect that Chime Financial will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Chime Financial

In related news, insider Ryan A. King sold 42,421 shares of the firm’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $35.15, for a total value of $1,491,098.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Global Advisors Ltd Dst sold 59,630 shares of the business’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $35.03, for a total transaction of $2,088,838.90. Following the completion of the sale, the insider owned 368,812 shares in the company, valued at approximately $12,919,484.36. This trade represents a 13.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 13,998,346 shares of company stock valued at $455,195,655. Corporate insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Chime Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Engineers Gate Manager LP purchased a new stake in Chime Financial in the 2nd quarter worth about $1,810,000. Arizona State Retirement System bought a new stake in shares of Chime Financial during the second quarter worth $692,000. Light Street Capital Management LLC boosted its stake in shares of Chime Financial by 5.8% during the second quarter. Light Street Capital Management LLC now owns 2,199,089 shares of the company’s stock valued at $45,037,000 after purchasing an additional 121,474 shares during the period. Allianz Asset Management GmbH bought a new stake in Chime Financial during the 2nd quarter valued at about $7,828,000. Finally, California State Teachers Retirement System bought a new position in Chime Financial in the 2nd quarter worth about $59,367,000.

Chime Financial Company Profile

Chime Financial, Inc is a financial technology company that operates a digital banking platform in the United States. Chime provides consumer-focused banking services through its mobile application and website, offering checking and savings accounts, debit cards, direct-deposit services and tools designed to help customers manage their everyday finances. Chime is not a traditional bank; its banking services are provided through partner financial institutions.

The company’s products include a Visa debit card, fee-free overdraft protection through SpotMe for eligible members, early access to qualifying direct deposits, savings features and credit-building products.