Chime Financial (NASDAQ:CHYM) Hits New 12-Month High - Here's What Happened

Key Points

• Chime Financial shares reached a new 52-week high, trading as high as $33.68 and giving the company a market capitalization of approximately $12.41 billion.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $31.39; several firms recently raised their targets, including B. Riley to $37.
• Chime reported quarterly EPS of $0.07, beating estimates by $0.08, while revenue rose 26.8% year over year to $669.77 million. However, insiders sold nearly 4.9 million shares worth $156.2 million over the past 90 days.

Chime Financial, Inc. (NASDAQ:CHYM - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $33.68 and last traded at $33.4830, with a volume of 466475 shares traded. The stock had previously closed at $33.07.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. The Goldman Sachs Group boosted their price target on Chime Financial from $26.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Wells Fargo & Company raised their target price on shares of Chime Financial from $25.00 to $28.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Freedom Capital upgraded shares of Chime Financial to a "strong-buy" rating in a research report on Thursday, July 23rd. B. Riley Financial upped their price target on shares of Chime Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Piper Sandler increased their price target on shares of Chime Financial from $30.00 to $35.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $31.39.

Chime Financial Stock Performance

The firm has a market cap of $12.41 billion, a P/E ratio of -468.25 and a beta of 0.31. The company's 50 day moving average is $22.78 and its 200 day moving average is $21.11.

Chime Financial (NASDAQ:CHYM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.08. The company had revenue of $669.77 million during the quarter. Chime Financial had a negative return on equity of 1.28% and a negative net margin of 0.74%.The firm's revenue was up 26.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($7.29) earnings per share. On average, equities research analysts anticipate that Chime Financial, Inc. will post 0.41 EPS for the current year.

Insider Transactions at Chime Financial

In other news, insider Ryan A. King sold 375,000 shares of Chime Financial stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $30.27, for a total transaction of $11,351,250.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Global Advisors Ltd Dst sold 1,796,196 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $32.62, for a total value of $58,591,913.52. Following the sale, the insider owned 471,952 shares in the company, valued at approximately $15,395,074.24. This trade represents a 79.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 4,891,471 shares of company stock valued at $156,168,157. 12.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chime Financial

Several large investors have recently modified their holdings of the business. Tiger Global Management LLC increased its stake in shares of Chime Financial by 13.8% in the fourth quarter. Tiger Global Management LLC now owns 14,192,499 shares of the company's stock valued at $357,225,000 after buying an additional 1,721,731 shares during the period. Aspect Management LLC bought a new stake in shares of Chime Financial in the 4th quarter valued at $300,361,000. Ashton Thomas Private Wealth LLC acquired a new stake in Chime Financial during the 4th quarter worth about $129,091,000. Orland Properties Ltd bought a new stake in shares of Chime Financial during the 2nd quarter valued at about $159,093,000. Finally, Scge Management L.P. bought a new stake in shares of Chime Financial during the 2nd quarter valued at about $152,563,000.

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.

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