Insider Selling: Chime Financial (NASDAQ:CHYM) Director Sells $8,511,630.12 in Stock

Key Points

• Director James Feuille sold 258,398 Chime Financial shares at an average price of $32.94, generating $8.51 million and reducing his ownership by 88.25% to 34,411 shares. He also sold 93,492 shares the previous day for approximately $3.10 million.
• Chime shares rose 2.9% to $33.97, near their 52-week high of $35.55. The company beat quarterly earnings expectations with $0.07 per share versus a consensus loss of $0.01, while revenue increased 26.8% year over year to $669.77 million.
• Analyst sentiment remains broadly positive, with the stock holding an overall “Buy” rating and an average price target of $36.20; recent targets range as high as $40.

Chime Financial, Inc. (NASDAQ:CHYM - Get Free Report) Director James Feuille sold 258,398 shares of the stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $32.94, for a total value of $8,511,630.12. Following the transaction, the director owned 34,411 shares in the company, valued at $1,133,498.34. This trade represents a 88.25% 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.

James Feuille also recently made the following trade(s):

• On Thursday, September 10th, James Feuille sold 93,492 shares of Chime Financial stock. The stock was sold at an average price of $33.15, for a total transaction of $3,099,259.80.

Chime Financial Stock Up 2.9%

Shares of CHYM traded up $0.97 during mid-day trading on Monday, hitting $33.97. The company had a trading volume of 9,854,087 shares, compared to its average volume of 5,411,001. Chime Financial, Inc. has a 1-year low of $15.88 and a 1-year high of $35.55. The business's 50-day simple moving average is $27.73 and its 200-day simple moving average is $22.52. The stock has a market cap of $12.86 billion, a PE ratio of -485.22 and a beta of 0.60.

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 company 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 business's revenue for the quarter was up 26.8% on a year-over-year basis. During the same period in the prior year, the business earned ($7.29) EPS. On average, sell-side analysts expect that Chime Financial, Inc. will post 0.44 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have commented on CHYM. Wall Street Zen upgraded Chime Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. UBS Group boosted their target price on Chime Financial from $28.00 to $31.00 and gave the stock a "neutral" rating in a report on Wednesday, September 9th. Wolfe Research increased their target price on shares of Chime Financial from $32.00 to $38.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 25th. Barclays lifted their price target on shares of Chime Financial from $33.00 to $40.00 and gave the company an "overweight" rating in a research report on Wednesday, September 9th. Finally, Weiss Ratings raised shares of Chime Financial from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, September 3rd. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $36.20.

Institutional Investors Weigh In On Chime Financial

A number of large investors have recently modified their holdings of the stock. Engineers Gate Manager LP purchased a new position in Chime Financial in the 2nd quarter worth approximately $1,810,000. Arizona State Retirement System purchased a new stake in shares of Chime Financial during the second quarter valued at approximately $692,000. Light Street Capital Management LLC lifted its position in shares of Chime Financial by 5.8% during the second 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 in the last quarter. Allianz Asset Management GmbH purchased a new position in shares of Chime Financial in the second quarter valued at $7,828,000. Finally, California State Teachers Retirement System purchased a new position in shares of Chime Financial in the second quarter valued at $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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