Canaccord Genuity Group Reiterates “Buy” Rating for Chime Financial (NASDAQ:CHYM)

Chime Financial (NASDAQ:CHYM)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity Group in a research note issued to investors on Monday,Benzinga reports. They currently have a $40.00 price objective on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 117.16% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. KeyCorp initiated coverage on shares of Chime Financial in a research report on Wednesday, March 4th. They set an “overweight” rating and a $30.00 price target on the stock. Rothschild & Co Redburn raised shares of Chime Financial to a “hold” rating in a research report on Monday, January 26th. Keefe, Bruyette & Woods raised shares of Chime Financial from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, February 26th. UBS Group boosted their price target on shares of Chime Financial from $24.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, February 26th. Finally, Wells Fargo & Company boosted their price target on shares of Chime Financial from $25.00 to $28.00 and gave the company an “overweight” rating in a research report on Thursday. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $31.65.

Chime Financial Price Performance

Shares of CHYM opened at $18.42 on Monday. Chime Financial has a 52-week low of $16.17 and a 52-week high of $44.94. The firm’s fifty day moving average is $20.99 and its two-hundred day moving average is $22.08. The stock has a market cap of $7.08 billion and a PE ratio of -2.48.

Chime Financial (NASDAQ:CHYM) last announced 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 net margin of 41.87% and a negative return on equity of 67.86%. The company had revenue of $647.39 million for the quarter. The firm’s revenue was up 24.8% on a year-over-year basis. As a group, research analysts anticipate that Chime Financial will post 0.19 earnings per share for the current year.

Institutional Trading of Chime Financial

Several institutional investors and hedge funds have recently bought and sold shares of CHYM. Aspect Management LLC purchased a new stake in Chime Financial in the 4th quarter valued at about $300,361,000. Ashton Thomas Private Wealth LLC purchased a new stake in Chime Financial in the 4th quarter valued at about $129,091,000. Orland Properties Ltd purchased a new stake in Chime Financial in the 2nd quarter valued at about $159,093,000. Scge Management L.P. purchased a new stake in Chime Financial in the 2nd quarter valued at about $152,563,000. Finally, Capital Research Global Investors raised its holdings in Chime Financial by 90.0% in the 3rd quarter. Capital Research Global Investors now owns 6,878,057 shares of the company’s stock valued at $138,730,000 after buying an additional 3,258,179 shares during the period.

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.