Chime Financial, Inc. $CHYM Shares Sold by Evergreen Capital Management LLC

Key Points

• Evergreen Capital Management cut its Chime Financial stake by 86.1% in the third quarter, selling 216,526 shares and retaining 35,000 shares worth approximately $932,000.
• Other institutional investors increased their positions, including Spyglass Capital Management, Arrowstreet Capital, Light Street Capital, and Atreides Management. However, insiders sold 18.9 million shares worth about $619.6 million over the past 90 days.
• Chime reported quarterly revenue of $669.77 million, up 26.8% year over year, and earnings per share of $0.07, exceeding analyst estimates. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $36.38.

Evergreen Capital Management LLC trimmed its stake in Chime Financial, Inc. (NASDAQ:CHYM - Free Report) by 86.1% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,000 shares of the company's stock after selling 216,526 shares during the period. Evergreen Capital Management LLC's holdings in Chime Financial were worth $932,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CHYM. Spyglass Capital Management LLC lifted its stake in shares of Chime Financial by 162.6% in the second quarter. Spyglass Capital Management LLC now owns 3,406,249 shares of the company's stock worth $69,760,000 after buying an additional 2,109,057 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Chime Financial by 2,720.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,756,555 shares of the company's stock worth $51,630,000 after acquiring an additional 2,658,816 shares during the last quarter. Light Street Capital Management LLC lifted its position in Chime Financial by 5.8% during the 2nd quarter. Light Street Capital Management LLC now owns 2,199,089 shares of the company's stock worth $45,037,000 after acquiring an additional 121,474 shares during the last quarter. Atreides Management LP boosted its holdings in Chime Financial by 7.9% during the first quarter. Atreides Management LP now owns 1,622,734 shares of the company's stock valued at $30,394,000 after acquiring an additional 118,946 shares during the period. Finally, Ranger Investment Management L.P. acquired a new stake in shares of Chime Financial in the second quarter valued at about $24,344,000.

Chime Financial Trading Up 0.9%

Shares of NASDAQ CHYM opened at $28.80 on Thursday. The firm has a market capitalization of $10.90 billion, a price-to-earnings ratio of -411.37 and a beta of 0.83. Chime Financial, Inc. has a one year low of $15.88 and a one year high of $35.55. The business has a fifty day simple moving average of $30.44 and a 200 day simple moving average of $23.81.

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 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 firm's quarterly revenue was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($7.29) EPS. On average, research analysts anticipate that Chime Financial, Inc. will post 0.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on CHYM. Wall Street Zen raised Chime Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 25th. Freedom Capital raised shares of Chime Financial to a "strong-buy" rating in a research report on Thursday, July 23rd. The Goldman Sachs Group upped their target price on shares of Chime Financial from $33.00 to $37.00 and gave the company a "buy" rating in a research note on Tuesday, September 15th. Keefe, Bruyette & Woods increased their price target on shares of Chime Financial from $30.00 to $35.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Finally, BMO Capital Markets raised their price target on shares of Chime Financial from $28.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Chime Financial has a consensus rating of "Moderate Buy" and a consensus target price of $36.38.

Insider Activity at Chime Financial

In related news, major shareholder Global Advisors Ltd Dst sold 4,456,157 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $32.66, for a total value of $145,538,087.62. Following the sale, the insider owned 405,663 shares of the company's stock, valued at $13,248,953.58. The trade was a 91.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 18,889,108 shares of company stock worth $619,627,638. 12.30% of the stock is currently owned by company insiders.

Chime Financial Company 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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