Shares of Chime Financial, Inc. (NASDAQ:CHYM) have been assigned a consensus rating of “Moderate Buy” by fourteen research firms monitoring the company, according to data from MarketBeat. This rating reflects a mix of opinions among analysts, with four firms recommending a hold, nine advocating for a buy, and one giving a strong buy rating.
The average target price for Chime Financial shares over the next year stands at $38.00. Recent reports from several research firms have contributed to this outlook. Notably, on July 7, 2023, Evercore ISI initiated coverage with an “outperform” rating and a target price of $38.00. Similarly, Barclays also began coverage on the same date, issuing an “overweight” rating with a higher target price of $40.00.
Wolfe Research matched Evercore’s outlook, providing an “outperform” rating and a $38.00 price objective. On the same day, Piper Sandler echoed this sentiment with an “overweight” rating and a price target of $40.00. Following these ratings, on July 8, 2023, Keefe, Bruyette & Woods initiated coverage with an “outperform” rating and a target price of $42.00.
Recent Performance and Financial Results
Chime Financial’s stock opened at $23.75 on Wednesday, reflecting a recent increase of 1.8%. The company’s fifty-day simple moving average is $28.81, with a one-year low of $22.13 and a high of $44.94.
In its latest earnings report, released on August 7, 2023, Chime Financial reported earnings per share (EPS) of ($7.29), falling short of analysts’ expectations of ($4.85) by ($2.44). Despite the earnings miss, the company reported revenue of $528.15 million for the quarter, exceeding expectations of $503.88 million. This revenue figure marks a significant year-over-year increase of 37.5%.
Chime Financial has also set its financial guidance for the fiscal year 2025 and is expected to provide updates on its third-quarter earnings in due course.
About Chime Financial
Chime Financial operates as a financial technology company, partnering with federally regulated, FDIC-insured banks, specifically The Bancorp Bank, N.A. and Stride Bank, N.A.. The company aims to provide consumer banking products and services that eliminate typical fees and streamline access to essential financial services. Notably, Chime does not charge overdraft fees or monthly service fees, nor does it require minimum balances, differentiating itself in the competitive financial landscape.
As analysts continue to evaluate Chime Financial’s performance and market position, the company’s innovative approach to consumer banking may play a critical role in shaping its future trajectory.
