BMO Capital Markets Cuts Chime Financial (NASDAQ:CHYM) Price Target to $28.00

Chime Financial (NASDAQ:CHYM) had its price objective cut by BMO Capital Markets from $30.00 to $28.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. BMO Capital Markets’ target price points to a potential upside of 28.53% from the company’s previous close.

Several other research analysts have also weighed in on the company. Wall Street Zen lowered Chime Financial from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Wells Fargo & Company increased their price objective on Chime Financial from $25.00 to $28.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Canaccord Genuity Group restated a “buy” rating and set a $40.00 target price on shares of Chime Financial in a report on Monday, May 11th. Compass Point raised shares of Chime Financial from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $33.00 to $27.00 in a research report on Monday, April 13th. Finally, Barclays initiated coverage on shares of Chime Financial in a research report on Wednesday, July 8th. They set an “overweight” rating and a $26.00 price target on the stock. Four analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.19.

Chime Financial Trading Down 2.4%

Shares of NASDAQ CHYM traded down $0.55 during mid-day trading on Wednesday, hitting $21.79. The company had a trading volume of 1,763,519 shares, compared to its average volume of 4,594,567. The company has a market capitalization of $8.30 billion and a PE ratio of -2.93. The firm has a 50-day simple moving average of $18.91 and a two-hundred day simple moving average of $21.05. Chime Financial has a one year low of $15.88 and a one year high of $38.67.

Chime Financial (NASDAQ:CHYM) last released its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.10. Chime Financial had a negative return on equity of 67.86% and a negative net margin of 41.87%.The business had revenue of $647.39 million for the quarter. The company’s revenue was up 24.8% compared to the same quarter last year. Sell-side analysts expect that Chime Financial will post 0.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Chime Financial

In related news, General Counsel Adam B. Frankel sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $17.50, for a total transaction of $52,500.00. Following the transaction, the general counsel directly owned 303,795 shares of the company’s stock, valued at approximately $5,316,412.50. The trade was a 0.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Chime Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHYM. Tiger Global Management LLC increased its holdings in shares of Chime Financial by 13.8% in the fourth quarter. Tiger Global Management LLC now owns 14,192,499 shares of the company’s stock valued at $357,225,000 after purchasing an additional 1,721,731 shares during the last quarter. Aspect Management LLC acquired a new stake in shares of Chime Financial during the 4th quarter worth about $300,361,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Chime Financial during the 4th quarter worth about $129,091,000. Orland Properties Ltd bought a new stake in shares of Chime Financial during the 2nd quarter worth about $159,093,000. Finally, Scge Management L.P. acquired a new position in Chime Financial in the 2nd quarter valued at about $152,563,000.

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.