Insider Selling: Chime Financial (NASDAQ:CHYM) CEO Sells 100,000 Shares

Key Points

• Chime Financial CEO Christopher Britt sold 100,000 shares at an average price of $34.03, generating approximately $3.4 million. The sale was conducted under a pre-arranged Rule 10b5-1 trading plan.
• CHYM shares fell 4.4% to $31.66 during mid-day trading, though the stock remains near its 12-month high of $34.16.
• Chime reported quarterly EPS of $0.07, beating estimates by $0.08, while revenue rose 26.8% year over year to $669.77 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $32.33.

Chime Financial, Inc. (NASDAQ:CHYM - Get Free Report) CEO Christopher Britt sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $34.03, for a total transaction of $3,403,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chime Financial Stock Down 4.4%

Shares of CHYM stock traded down $1.45 during mid-day trading on Tuesday, hitting $31.66. 8,099,544 shares of the stock traded hands, compared to its average volume of 9,887,814. Chime Financial, Inc. has a twelve month low of $15.88 and a twelve month high of $34.16. The company's 50-day simple moving average is $25.60 and its 200-day simple moving average is $21.77.

Chime Financial (NASDAQ:CHYM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate 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%. Chime Financial's revenue was up 26.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($7.29) earnings per share. Equities analysts expect that Chime Financial, Inc. will post 0.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on CHYM. Wolfe Research boosted their target price on shares of Chime Financial from $32.00 to $38.00 and gave the company an "outperform" rating in a research note on Tuesday, August 25th. B. Riley Financial raised their target price on Chime Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Canaccord Genuity Group lifted their price target on Chime Financial from $40.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Freedom Capital raised Chime Financial to a "strong-buy" rating in a research report on Thursday, July 23rd. Finally, Zacks Research raised Chime Financial from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 18th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $32.33.

Hedge Funds Weigh In On Chime Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CHYM. JPMorgan Chase & Co. acquired a new stake in shares of Chime Financial during the 2nd quarter valued at about $693,000. Legal & General Group Plc acquired a new position in Chime Financial in the second quarter worth about $136,000. Russell Investments Group Ltd. acquired a new position in Chime Financial in the second quarter worth about $958,000. EverSource Wealth Advisors LLC bought a new position in Chime Financial during the second quarter worth about $33,000. Finally, Marshall Wace LLP bought a new position in Chime Financial during the second quarter worth about $9,087,000.

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.

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