Chime Financial (NASDAQ:CHYM) Major Shareholder Sells 1,796,196 Shares of Stock

Key Points

• Major shareholder Global Advisors Ltd Dst sold 1,796,196 Chime Financial shares at an average price of $32.62, generating approximately $58.6 million. The sale reduced its position by 79.19%, leaving 471,952 shares.
• Chime shares recently traded at $30.85, near their 12-month high of $33.41, after the company reported quarterly EPS of $0.07—beating estimates—and revenue of $669.77 million, up 26.8% year over year.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $31.06; several firms recently raised their targets, including Canaccord Genuity to $45.

Chime Financial, Inc. (NASDAQ:CHYM - Get Free Report) major shareholder Global Advisors Ltd Dst sold 1,796,196 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $32.62, for a total transaction of $58,591,913.52. Following the completion of the transaction, the insider directly owned 471,952 shares of the company's stock, valued at approximately $15,395,074.24. This represents a 79.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Chime Financial Price Performance

Shares of CHYM traded up $1.75 during trading hours on Monday, reaching $30.85. 8,443,004 shares of the company traded hands, compared to its average volume of 7,993,546. The business has a fifty day moving average price of $20.76 and a 200-day moving average price of $20.83. Chime Financial, Inc. has a 12-month low of $15.88 and a 12-month high of $33.41.

Chime Financial (NASDAQ:CHYM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 EPS for the quarter, topping 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 business's revenue was up 26.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($7.29) EPS. On average, equities research analysts predict that Chime Financial, Inc. will post 0.34 EPS for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on CHYM. Texas Capital raised shares of Chime Financial to a "strong-buy" rating in a research report on Tuesday, April 14th. Piper Sandler increased their price objective on shares of Chime Financial from $30.00 to $35.00 and gave the stock an "overweight" rating in a research note on Thursday. Wells Fargo & Company raised their target price on shares of Chime Financial from $25.00 to $28.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Barclays upped their price target on shares of Chime Financial from $26.00 to $33.00 and gave the company an "overweight" rating in a report on Friday. Finally, Canaccord Genuity Group boosted their price objective on Chime Financial from $40.00 to $45.00 and gave the company a "buy" rating in a report on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $31.06.

Hedge Funds Weigh In On Chime Financial

Several large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC acquired a new position in Chime Financial during the second quarter worth $33,000. Scopus Asset Management L.P. acquired a new position in Chime Financial in the 2nd quarter valued at $34,000. PNC Financial Services Group Inc. purchased a new position in Chime Financial in the 4th quarter valued at $25,000. Daiwa Securities Group Inc. purchased a new position in Chime Financial in the 2nd quarter valued at $40,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Chime Financial by 686.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,462 shares of the company's stock valued at $37,000 after buying an additional 1,276 shares during the last quarter.

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.

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