251,926 Shares of Chime Financial, Inc. $CHYM Purchased by Penn Mutual Asset Management

Key Points

• Penn Mutual Asset Management purchased 251,926 Chime Financial shares worth approximately $6.7 million, making CHYM its largest portfolio holding at about 29% of assets.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $36.38, despite some conflicting ratings.
• Chime reported quarterly revenue of $669.77 million and earnings of $0.07 per share, beating estimates, while insiders sold approximately 18.9 million shares worth $619.3 million over the past three months.

Penn Mutual Asset Management acquired a new position in shares of Chime Financial, Inc. (NASDAQ:CHYM - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 251,926 shares of the company's stock, valued at approximately $6,711,000. Chime Financial comprises approximately 29.0% of Penn Mutual Asset Management's investment portfolio, making the stock its biggest holding. Penn Mutual Asset Management owned approximately 0.07% of Chime Financial as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. NFSG Corp acquired a new position in shares of Chime Financial in the 3rd quarter valued at $27,000. GAMMA Investing LLC grew its holdings in shares of Chime Financial by 1,316.3% during the third quarter. GAMMA Investing LLC now owns 2,167 shares of the company's stock worth $58,000 after buying an additional 2,014 shares during the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in Chime Financial in the 1st quarter valued at about $44,000. IFP Advisors Inc acquired a new position in Chime Financial in the 3rd quarter valued at about $73,000. Finally, PNC Financial Services Group Inc. increased its position in Chime Financial by 835.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,394 shares of the company's stock valued at $176,000 after acquiring an additional 8,390 shares during the period.

Wall Street Analyst Weigh In

Several analysts have commented on the company. B. Riley Financial upped their price objective on Chime Financial from $37.00 to $44.00 and gave the company a "buy" rating in a research note on Monday, September 14th. Freedom Capital upgraded Chime Financial to a "strong-buy" rating in a research note on Thursday, July 23rd. Weiss Ratings raised Chime Financial from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, September 3rd. Wolfe Research boosted their target price on Chime Financial from $32.00 to $38.00 and gave the company an "outperform" rating in a report on Tuesday, August 25th. Finally, Loop Capital started coverage on Chime Financial in a research note on Wednesday, September 9th. They set a "buy" rating and a $45.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $36.38.

Chime Financial Stock Performance

NASDAQ:CHYM traded down $0.04 during trading hours on Monday, hitting $29.63. The company's stock had a trading volume of 2,607,417 shares, compared to its average volume of 5,476,365. The company has a market capitalization of $11.22 billion, a PE ratio of -423.23 and a beta of 0.83. Chime Financial, Inc. has a 52-week low of $15.88 and a 52-week high of $35.55. The business's 50-day moving average is $30.83 and its two-hundred day moving average is $23.99.

Chime Financial (NASDAQ:CHYM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.08. The business 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 for the quarter was up 26.8% compared to the same quarter last year. During the same period last year, the company earned ($7.29) earnings per share. As a group, analysts predict that Chime Financial, Inc. will post 0.45 EPS for the current fiscal year.

Insider Transactions at Chime Financial

In other Chime Financial news, insider Ryan A. King sold 50,000 shares of the 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 Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James Feuille sold 256,837 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $32.33, for a total transaction of $8,303,540.21. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 18,877,790 shares of company stock valued at $619,276,441. 12.30% of the stock is owned by company insiders.

Chime Financial Profile

Chime Financial, Inc is a financial technology company that provides digital banking services through its Chime platform. The company offers consumer-focused spending, saving and credit products designed to be accessed primarily through mobile applications rather than traditional branch locations.

Chime's products include spending accounts with debit cards, savings accounts, direct-deposit services, early access to qualifying paychecks, fee-free overdraft protection through SpotMe, and credit-building products.

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