Chime Financial, Inc. $CHYM Shares Sold by Tiger Global Management LLC

Key Points

• Tiger Global Management cut its stake in Chime Financial by 21.9% in the first quarter, selling 3.11 million shares and leaving it with 11.08 million shares worth about $207.6 million.
• Analyst sentiment is mixed but generally positive: Chime has a Moderate Buy consensus rating with an average price target of $29.19, though Weiss Ratings reiterated a sell rating.
• Chime reported better-than-expected quarterly earnings of $0.13 per share on revenue of $647.39 million, with revenue rising 24.8% year over year, even as profitability metrics remained negative.

Tiger Global Management LLC lessened its position in shares of Chime Financial, Inc. (NASDAQ:CHYM - Free Report) by 21.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,081,780 shares of the company's stock after selling 3,110,719 shares during the quarter. Chime Financial comprises 0.9% of Tiger Global Management LLC's investment portfolio, making the stock its 25th biggest holding. Tiger Global Management LLC owned about 2.89% of Chime Financial worth $207,562,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. acquired a new stake in shares of Chime Financial in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC acquired a new position in shares of Chime Financial in the 2nd quarter valued at $33,000. Scopus Asset Management L.P. acquired a new position in shares of Chime Financial in the 2nd quarter valued at $34,000. Caitong International Asset Management Co. Ltd raised its position in Chime Financial by 686.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,462 shares of the company's stock valued at $37,000 after purchasing an additional 1,276 shares during the last quarter. Finally, Daiwa Securities Group Inc. purchased a new stake in Chime Financial in the 2nd quarter valued at $40,000.

Analyst Ratings Changes

Several research analysts have issued reports on CHYM shares. Barclays started coverage on shares of Chime Financial in a research report on Wednesday, July 8th. They set an "overweight" rating and a $26.00 price objective on the stock. Wells Fargo & Company upped 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. Weiss Ratings reiterated a "sell (e+)" rating on shares of Chime Financial in a research note on Wednesday, June 3rd. Compass Point raised Chime Financial from a "neutral" rating to a "buy" rating and lowered their price target for the stock from $33.00 to $27.00 in a report on Monday, April 13th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $40.00 price objective on shares of Chime Financial in a research note on Monday, May 11th. Four investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $29.19.

Insider Activity

In related news, General Counsel Adam B. Frankel sold 3,000 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $17.50, for a total transaction of $52,500.00. Following the completion of the transaction, the general counsel directly owned 303,795 shares of the company's stock, valued at $5,316,412.50. This represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 12.30% of the stock is currently owned by company insiders.

Chime Financial Price Performance

NASDAQ:CHYM opened at $20.69 on Friday. The firm's fifty day moving average price is $19.12 and its 200 day moving average price is $20.98. Chime Financial, Inc. has a 1-year low of $15.88 and a 1-year high of $36.15. The firm has a market cap of $7.88 billion and a price-to-earnings ratio of -2.78.

Chime Financial (NASDAQ:CHYM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.10. Chime Financial had a negative net margin of 41.87% and a negative return on equity of 67.86%. The company had revenue of $647.39 million during the quarter. The business's quarterly revenue was up 24.8% on a year-over-year basis. As a group, analysts expect that Chime Financial, Inc. will post 0.3 earnings per share for the current fiscal year.

Chime Financial 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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