Chime Financial (NASDAQ:CHYM) Insider Sells 50,000 Shares of Company Stock

Chime Financial, Inc. (NASDAQ:CHYM) insider Ryan King sold 50,000 shares of the firm’s stock in a transaction dated Friday, October 9th. The shares were sold at an average price of $29.40, for a total value of $1,470,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chime Financial Stock Down 1.8%

NASDAQ CHYM traded down $0.55 during trading on Tuesday, hitting $29.90. The stock had a trading volume of 6,224,490 shares, compared to its average volume of 5,518,076. The company has a market capitalization of $11.32 billion, a PE ratio of -427.08 and a beta of 0.83. The firm has a 50 day moving average price of $30.68 and a 200 day moving average price of $23.65. Chime Financial, Inc. has a twelve month low of $15.88 and a twelve month high of $35.55.

Chime Financial (NASDAQ:CHYM) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.08. The company had revenue of $669.77 million for the quarter. Chime Financial had a negative net margin of 0.74% and a negative return on equity of 1.28%. The firm’s revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter last year, the company earned ($7.29) earnings per share. On average, sell-side analysts anticipate that Chime Financial, Inc. will post 0.45 earnings per share for the current year.

Institutional Investors Weigh In On Chime Financial

Several large investors have recently bought and sold shares of the stock. Spyglass Capital Management LLC boosted its stake in shares of Chime Financial by 162.6% in the 2nd quarter. Spyglass Capital Management LLC now owns 3,406,249 shares of the company’s stock valued at $69,760,000 after buying an additional 2,109,057 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Chime Financial by 2,720.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,756,555 shares of the company’s stock worth $51,630,000 after buying an additional 2,658,816 shares in the last quarter. Owls Nest Partners IA LLC acquired a new position in shares of Chime Financial during the fourth quarter worth about $47,065,000. Light Street Capital Management LLC increased its stake in shares of Chime Financial by 5.8% during the second quarter. Light Street Capital Management LLC now owns 2,199,089 shares of the company’s stock worth $45,037,000 after buying an additional 121,474 shares during the period. Finally, Atreides Management LP purchased a new stake in shares of Chime Financial during the fourth quarter worth approximately $37,850,000.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CHYM. Wells Fargo & Company upped their target price on shares of Chime Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 25th. The Goldman Sachs Group increased their target price on shares of Chime Financial from $33.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday, September 15th. Freedom Capital raised shares of Chime Financial to a “strong-buy” rating in a research report on Thursday, July 23rd. Keefe, Bruyette & Woods raised their price target on shares of Chime Financial from $30.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Finally, BMO Capital Markets boosted their price target on shares of Chime Financial from $28.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Chime Financial has a consensus rating of “Moderate Buy” and an average target price of $36.38.

About Chime Financial

Chime Financial, Inc is a financial technology company that provides digital banking services to consumers in the United States. Through its mobile app and website, Chime offers spending accounts, savings products, debit cards and tools designed to help members manage everyday finances without relying on traditional bank branches.

The company’s product offerings have included fee-conscious checking and savings accounts, early direct-deposit access, automatic savings features, overdraft-related services such as SpotMe, and Chime Credit Builder, a secured credit card intended to help eligible members establish or improve their credit history.