The Goldman Sachs Group Forecasts Strong Price Appreciation for Chime Financial (NASDAQ:CHYM) Stock

Chime Financial (NASDAQ:CHYM) had its price target upped by research analysts at The Goldman Sachs Group from $33.00 to $37.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 11.23% from the company’s current price.

CHYM has been the subject of a number of other research reports. UBS Group upped their price objective on Chime Financial from $28.00 to $31.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 9th. Barclays boosted their price target 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 upped their price target on Chime Financial from $37.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday. Scotiabank increased their price objective on shares of Chime Financial from $40.00 to $42.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 9th. Finally, Canaccord Genuity Group lifted their price objective on shares of Chime Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, September 9th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $36.40.

Chime Financial Stock Performance

Shares of Chime Financial stock traded down $0.71 on Tuesday, hitting $33.26. 2,780,594 shares of the company’s stock were exchanged, compared to its average volume of 5,395,899. The company has a 50-day simple moving average of $27.98 and a 200-day simple moving average of $22.62. The stock has a market capitalization of $12.59 billion, a PE ratio of -475.46 and a beta of 0.60. Chime Financial has a 1 year low of $15.88 and a 1 year high of $35.55.

Chime Financial (NASDAQ:CHYM) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.07 earnings per share for the quarter, beating 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 firm had revenue of $669.77 million for the quarter. During the same period in the previous year, the firm earned ($7.29) earnings per share. The firm’s quarterly revenue was up 26.8% on a year-over-year basis. On average, analysts expect that Chime Financial will post 0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Cynthia Marshall sold 20,000 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $33.09, for a total transaction of $661,800.00. Following the sale, the director owned 28,548 shares in the company, valued at approximately $944,653.32. This represents a 41.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Ryan A. King sold 42,421 shares of the business’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $35.15, for a total transaction of $1,491,098.15. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 14,949,549 shares of company stock worth $486,663,009. 12.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Chime Financial

Several hedge funds have recently added to or reduced their stakes in the company. Engineers Gate Manager LP bought a new stake in Chime Financial during the 2nd quarter valued at about $1,810,000. Arizona State Retirement System purchased a new position in shares of Chime Financial during the second quarter worth approximately $692,000. Light Street Capital Management LLC raised 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 acquiring an additional 121,474 shares in the last quarter. Allianz Asset Management GmbH purchased a new stake in shares of Chime Financial in the second quarter valued at approximately $7,828,000. Finally, Comprehensive Financial Management LLC grew its stake in Chime Financial by 2.4% in the second quarter. Comprehensive Financial Management LLC now owns 565,976 shares of the company’s stock worth $11,591,000 after purchasing an additional 13,225 shares in the last quarter.

Chime Financial News Roundup

Here are the key news stories impacting Chime Financial this week:

• Positive Sentiment: Analysts raised ratings and price targets: Rothschild & Co Redburn upgraded Chime to “buy” and set a $46 target, while B. Riley raised its target from $37 to $44 and maintained a “buy” rating. The new targets imply meaningful upside from the recent $33 area and reinforce confidence in Chime’s growth outlook.
• Positive Sentiment: Recent operating results remain encouraging: Chime’s latest quarterly revenue increased 26.8% year over year to $669.77 million, while earnings of $0.07 per share exceeded the consensus estimate for a loss. Analysts expect approximately $0.44 in full-year earnings per share.
• Neutral Sentiment: Shares remain near their annual peak: CHYM recently traded around $33, compared with a 52-week high of $35.55. The stock is well above its 50-day moving average of $27.98 and 200-day moving average of $22.62, indicating strong momentum but also leaving it vulnerable to profit-taking.
• Negative Sentiment: Multiple directors sold significant positions: Shawn T. Carolan sold 302,306 shares for approximately $10.0 million and another 277,007 shares for about $9.2 million, leaving only 1,800 shares in one reported holding. James Feuille sold 258,398 shares worth roughly $8.5 million and an additional 93,492 shares for about $3.1 million. Cynthia Marshall sold 20,000 shares valued at approximately $661,800, reducing her position by 41.2%. The transactions were disclosed in SEC insider-trading filing and SEC filing. Although these may reflect diversification or planned selling, their size can pressure investor sentiment.

About Chime Financial

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.