Chime Financial (NASDAQ:CHYM) Stock Falls 6.7% – Should You Sell?

Chime Financial, Inc. (NASDAQ:CHYM) shares traded down 6.7% on Wednesday. The stock traded as low as $27.49 and last traded at $26.69. 444,874 shares traded hands during trading, a decline of 92% from the average session volume of 5,531,291 shares. The stock had previously closed at $28.62.

Analyst Upgrades and Downgrades

Several research firms have commented on CHYM. Loop Capital started coverage on shares of Chime Financial in a research report on Wednesday, September 9th. They issued a “buy” rating and a $45.00 target price for the company. Rothschild & Co Redburn upgraded shares of Chime Financial from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Monday, September 14th. B. Riley Financial lifted their price objective on shares of Chime Financial from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, September 14th. Wolfe Research upped their price objective on shares of Chime Financial from $32.00 to $38.00 and gave the stock an “outperform” rating in a report on Tuesday, August 25th. Finally, UBS Group increased their target price on shares of Chime Financial from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 9th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $36.40.

Chime Financial Trading Up 2.3%

The company’s fifty day moving average is $29.33 and its 200-day moving average is $23.02. The firm has a market capitalization of $10.25 billion, a P/E ratio of -386.66 and a beta of 0.60.

Chime Financial (NASDAQ:CHYM) last announced its earnings results on Wednesday, August 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.08. The firm 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 business’s revenue was up 26.8% compared to the same quarter last year. During the same quarter last year, the business earned ($7.29) EPS. On average, equities research analysts anticipate that Chime Financial, Inc. will post 0.44 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Global Advisors Ltd Dst sold 3,216,189 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $33.99, for a total transaction of $109,318,264.11. Following the completion of the sale, the insider owned 336,798 shares in the company, valued at $11,447,764.02. This represents a 90.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Cynthia Marshall sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $33.09, for a total value of $661,800.00. Following the completion of the sale, the director directly owned 28,548 shares in the company, valued at $944,653.32. This trade represents a 41.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 18,827,490 shares of company stock valued at $617,797,141 in the last quarter. Insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Chime Financial

Hedge funds have recently modified their holdings of the business. AMS Capital Ltda acquired a new position in Chime Financial in the 1st quarter valued at approximately $3,439,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Chime Financial by 2,720.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,756,555 shares of the company’s stock valued at $51,630,000 after purchasing an additional 2,658,816 shares in the last quarter. Hsbc Holdings PLC bought a new position in Chime Financial in the fourth quarter worth $1,274,000. Brown University boosted its stake in Chime Financial by 99.0% during the first quarter. Brown University now owns 204,625 shares of the company’s stock worth $3,833,000 after buying an additional 101,820 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Chime Financial by 115.0% in the 1st quarter. Bank of America Corp DE now owns 319,579 shares of the company’s stock valued at $5,986,000 after purchasing an additional 170,941 shares during the period.

Chime Financial Company Profile

Chime Financial, Inc is a financial technology company that operates a digital banking platform in the United States. Chime provides consumer-focused banking services through its mobile application and website, offering checking and savings accounts, debit cards, direct-deposit services and tools designed to help customers manage their everyday finances. Chime is not a traditional bank; its banking services are provided through partner financial institutions.

The company’s products include a Visa debit card, fee-free overdraft protection through SpotMe for eligible members, early access to qualifying direct deposits, savings features and credit-building products.