Magnetar Financial LLC Makes New $4.72 Million Investment in Chime Financial, Inc. $CHYM

Key Points

• Magnetar Financial LLC purchased a new stake in Chime Financial (NASDAQ:CHYM) of 234,189 shares valued at approximately $4.72 million, representing about 0.06% ownership at the end of the reporting period.
• Analyst sentiment is a Moderate Buy with a consensus price target of $32.28, supported by recent buy initiations and target increases from firms including B. Riley and Goldman Sachs.
• Chime beat quarterly EPS estimates (loss of $0.12 vs. -$0.20) with revenue up 25.5% to $596.36 million, but remains unprofitable (negative ROE and net margin) and has a market cap of about $8.59 billion.

Magnetar Financial LLC purchased a new stake in Chime Financial, Inc. (NASDAQ:CHYM - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 234,189 shares of the company's stock, valued at approximately $4,724,000. Magnetar Financial LLC owned 0.06% of Chime Financial at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CHYM. EverSource Wealth Advisors LLC bought a new position in shares of Chime Financial in the second quarter worth $33,000. Scopus Asset Management L.P. bought a new stake in Chime Financial during the second quarter valued at $34,000. Daiwa Securities Group Inc. purchased a new position in Chime Financial during the second quarter worth about $40,000. Osaic Holdings Inc. purchased a new position in Chime Financial during the second quarter worth about $45,000. Finally, Farther Finance Advisors LLC bought a new position in Chime Financial in the 3rd quarter worth about $50,000.

Analyst Ratings Changes

Several analysts have weighed in on the company. B. Riley Financial initiated coverage on Chime Financial in a report on Thursday, December 11th. They issued a "buy" rating and a $35.00 price target on the stock. UBS Group boosted their price objective on Chime Financial from $24.00 to $27.00 and gave the stock a "neutral" rating in a report on Thursday, February 26th. Rothschild & Co Redburn upgraded shares of Chime Financial to a "hold" rating in a research report on Monday, January 26th. The Goldman Sachs Group raised their target price on shares of Chime Financial from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, January 6th. Finally, Wall Street Zen upgraded shares of Chime Financial from a "hold" rating to a "buy" rating in a research report on Saturday, March 7th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Chime Financial has an average rating of "Moderate Buy" and a consensus price target of $32.28.

Insider Transactions at Chime Financial

In other Chime Financial news, Director James Feuille sold 7,229 shares of Chime Financial stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $24.82, for a total transaction of $179,423.78. Following the transaction, the director directly owned 7,037,707 shares of the company's stock, valued at approximately $174,675,887.74. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Adam B. Frankel sold 4,382 shares of the business's stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $27.29, for a total transaction of $119,584.78. Following the completion of the sale, the general counsel owned 209,500 shares of the company's stock, valued at approximately $5,717,255. The trade was a 2.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 72,111 shares of company stock worth $1,996,109.

Chime Financial Stock Up 2.7%

NASDAQ CHYM opened at $22.92 on Thursday. The stock's 50-day simple moving average is $23.75 and its two-hundred day simple moving average is $22.68. Chime Financial, Inc. has a twelve month low of $16.17 and a twelve month high of $44.94. The company has a market capitalization of $8.59 billion and a price-to-earnings ratio of -3.03.

Chime Financial (NASDAQ:CHYM - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.08. The firm had revenue of $596.36 million during the quarter. Chime Financial had a negative return on equity of 70.90% and a negative net margin of 46.18%.The company's revenue for the quarter was up 25.5% on a year-over-year basis. During the same period last year, the firm earned ($0.30) EPS.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.