Chime Financial (NASDAQ:CHYM) Director Sells 20,000 Shares of Stock

Key Points

• Director Cynthia Marshall sold 20,000 Chime Financial shares at an average price of $33.09, generating $661,800 and reducing her ownership by 41.2% to 28,548 shares.
• Chime shares rose 2.9% to $33.97, near their 52-week high of $35.55. The company recently exceeded earnings expectations, reporting $0.07 in quarterly EPS and $669.77 million in revenue, up 26.8% year over year.
• Analyst sentiment remains positive, with an average “Buy” rating and a $36.20 target price; several firms recently raised their targets to $39–$40.

Chime Financial, Inc. (NASDAQ:CHYM - Get Free Report) Director Cynthia Marshall sold 20,000 shares of the stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $33.09, for a total value of $661,800.00. Following the transaction, the director owned 28,548 shares in the company, valued at $944,653.32. This trade represents a 41.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Chime Financial Trading Up 2.9%

CHYM traded up $0.97 during midday trading on Monday, hitting $33.97. The company's stock had a trading volume of 9,851,801 shares, compared to its average volume of 5,410,995. The firm has a market cap of $12.86 billion, a P/E ratio of -485.22 and a beta of 0.60. The firm has a 50-day moving average price of $27.73 and a two-hundred day moving average price of $22.52. Chime Financial, Inc. has a 52-week low of $15.88 and a 52-week high of $35.55.

Chime Financial (NASDAQ:CHYM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.08. Chime Financial had a negative net margin of 0.74% and a negative return on equity of 1.28%. The business had revenue of $669.77 million for the quarter. During the same quarter in the previous year, the company earned ($7.29) earnings per share. The company's revenue was up 26.8% on a year-over-year basis. On average, equities analysts expect that Chime Financial, Inc. will post 0.44 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on CHYM. Morgan Stanley upped their price objective on Chime Financial from $39.00 to $40.00 and gave the stock an "overweight" rating in a report on Wednesday, September 9th. Freedom Capital raised Chime Financial to a "strong-buy" rating in a research report on Thursday, July 23rd. Wells Fargo & Company increased their price objective on shares of Chime Financial from $33.00 to $39.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 25th. UBS Group lifted their target price on shares of Chime Financial from $28.00 to $31.00 and gave the company a "neutral" rating in a report on Wednesday, September 9th. Finally, Barclays lifted their target price on shares of Chime Financial from $33.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, September 9th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Chime Financial currently has an average rating of "Buy" and an average target price of $36.20.

Hedge Funds Weigh In On Chime Financial

Several institutional investors have recently modified their holdings of the company. Engineers Gate Manager LP acquired a new stake in shares of Chime Financial in the 2nd quarter worth about $1,810,000. Arizona State Retirement System bought a new position in Chime Financial in the 2nd quarter worth about $692,000. Light Street Capital Management LLC grew its position in Chime Financial by 5.8% in the 2nd quarter. Light Street Capital Management LLC now owns 2,199,089 shares of the company's stock worth $45,037,000 after purchasing an additional 121,474 shares during the last quarter. Allianz Asset Management GmbH acquired a new stake in shares of Chime Financial in the second quarter valued at approximately $7,828,000. Finally, California State Teachers Retirement System acquired a new stake in shares of Chime Financial in the second quarter valued at approximately $59,367,000.

Chime Financial Company Profile

Chime Financial, Inc is a financial technology company that operates a digital banking platform in the United States. Chime provides consumer-focused banking services through its mobile application and website, offering checking and savings accounts, debit cards, direct-deposit services and tools designed to help customers manage their everyday finances. Chime is not a traditional bank; its banking services are provided through partner financial institutions.

The company's products include a Visa debit card, fee-free overdraft protection through SpotMe for eligible members, early access to qualifying direct deposits, savings features and credit-building products.

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