Spyglass Capital Management LLC Takes $24.30 Million Position in Chime Financial, Inc. $CHYM

Spyglass Capital Management LLC acquired a new stake in shares of Chime Financial, Inc. (NASDAQ:CHYM) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,297,192 shares of the company’s stock, valued at approximately $24,296,000. Chime Financial comprises approximately 1.7% of Spyglass Capital Management LLC’s portfolio, making the stock its 25th largest holding. Spyglass Capital Management LLC owned 0.34% of Chime Financial as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. purchased a new position in Chime Financial in the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Chime Financial during the 2nd quarter worth about $33,000. Scopus Asset Management L.P. purchased a new stake in shares of Chime Financial during the second quarter worth about $34,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Chime Financial by 686.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,462 shares of the company’s stock worth $37,000 after buying an additional 1,276 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Chime Financial in the second quarter valued at approximately $40,000.

Wall Street Analyst Weigh In

CHYM has been the topic of several recent analyst reports. Barclays assumed coverage on shares of Chime Financial in a research note on Wednesday, July 8th. They set an “overweight” rating and a $26.00 price objective on the stock. Wells Fargo & Company lifted their target price on shares of Chime Financial from $25.00 to $28.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Texas Capital upgraded Chime Financial to a “strong-buy” rating in a report on Tuesday, April 14th. Canaccord Genuity Group reissued a “buy” rating and set a $40.00 price target on shares of Chime Financial in a research note on Monday, May 11th. Finally, Compass Point upgraded Chime Financial from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $33.00 to $27.00 in a report on Monday, April 13th. Five investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $29.19.

Insider Activity at Chime Financial

In related news, General Counsel Adam B. Frankel sold 3,000 shares of Chime Financial stock in a transaction on Monday, June 15th. The shares were sold at an average price of $17.50, for a total transaction of $52,500.00. Following the transaction, the general counsel owned 303,795 shares in the company, 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 SEC, which can be accessed through this link. Corporate insiders own 12.30% of the company’s stock.

Chime Financial Stock Performance

NASDAQ CHYM opened at $22.37 on Wednesday. Chime Financial, Inc. has a one year low of $15.88 and a one year high of $35.34. The company’s 50 day moving average price is $19.31 and its 200 day moving average price is $20.87. The firm has a market capitalization of $8.52 billion and a price-to-earnings ratio of -3.01.

Chime Financial (NASDAQ:CHYM) last released its quarterly earnings data 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 during the quarter. The company’s quarterly revenue was up 24.8% compared to the same quarter last year. Sell-side analysts forecast that Chime Financial, Inc. will post 0.3 EPS for the current fiscal year.

Chime Financial Company Profile

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.