Norges Bank Invests $19.39 Million in Chime Financial, Inc. $CHYM

Norges Bank purchased a new position in shares of Chime Financial, Inc. (NASDAQ:CHYM) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 770,423 shares of the company’s stock, valued at approximately $19,392,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC acquired a new stake in shares of Chime Financial during the 2nd quarter worth approximately $33,000. Scopus Asset Management L.P. acquired a new stake in shares of Chime Financial during the 2nd quarter worth approximately $34,000. PNC Financial Services Group Inc. acquired a new stake in shares of Chime Financial during the 4th quarter worth approximately $25,000. Daiwa Securities Group Inc. acquired a new stake in shares of Chime Financial during the 2nd quarter worth approximately $40,000. Finally, Osaic Holdings Inc. acquired a new stake in shares of Chime Financial during the 2nd quarter worth approximately $45,000.

Chime Financial Stock Down 2.8%

Shares of CHYM stock opened at $17.07 on Wednesday. Chime Financial, Inc. has a 52 week low of $16.17 and a 52 week high of $44.94. The stock has a market capitalization of $6.50 billion and a PE ratio of -2.30. The firm has a 50 day moving average of $19.64 and a two-hundred day moving average of $21.95.

Chime Financial (NASDAQ:CHYM) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating 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 during the quarter. Chime Financial’s revenue was up 24.8% on a year-over-year basis. Analysts expect that Chime Financial, Inc. will post 0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CHYM shares. KeyCorp started coverage on shares of Chime Financial in a research report on Wednesday, March 4th. They set an “overweight” rating and a $30.00 price objective for the company. UBS Group increased their price objective on shares of Chime Financial from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, February 26th. BMO Capital Markets started coverage on shares of Chime Financial in a research report on Wednesday, April 22nd. They set an “outperform” rating and a $30.00 price objective for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Chime Financial in a research report on Wednesday, June 3rd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $40.00 price objective on shares of Chime Financial in a research report on Monday, May 11th. Four analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.65.

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.