Insider Selling: Chime Financial (NASDAQ:CHYM) Insider Sells 50,000 Shares of Company Stock

Key Points

• Insider sale: Chime Financial insider Ryan King sold 50,000 shares at an average price of $29.40, totaling $1.47 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan.
• Stock and financial performance: Shares recently traded at $29.90, down 1.8%, with a market capitalization of approximately $11.32 billion. In its latest quarter, Chime reported $669.77 million in revenue, up 26.8% year over year, and earnings of $0.07 per share, exceeding estimates.
• Analyst outlook: Wall Street analysts maintain a “Moderate Buy” consensus, with an average price target of $36.38; several firms recently raised their targets to between $40 and $50.

Chime Financial, Inc. (NASDAQ:CHYM - Get Free Report) insider Ryan King sold 50,000 shares of the company's stock in a transaction on Friday, October 9th. The shares were sold at an average price of $29.40, for a total value of $1,470,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chime Financial Stock Down 1.8%

Shares of CHYM traded down $0.55 during midday trading on Tuesday, reaching $29.90. The company had a trading volume of 6,224,490 shares, compared to its average volume of 5,518,076. Chime Financial, Inc. has a 1-year low of $15.88 and a 1-year high of $35.55. The firm has a 50 day simple moving average of $30.68 and a 200-day simple moving average of $23.65. The stock has a market cap of $11.32 billion, a PE ratio of -427.08 and a beta of 0.83.

Chime Financial (NASDAQ:CHYM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 earnings per share for the quarter, beating 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 firm had revenue of $669.77 million for the quarter. During the same period in the previous year, the firm posted ($7.29) EPS. The company's revenue was up 26.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chime Financial, Inc. will post 0.45 earnings per share for the current fiscal year.

Institutional Trading of Chime Financial

Several institutional investors have recently added to or reduced their stakes in the stock. NorthCrest Asset Manangement LLC acquired a new position in Chime Financial during the third quarter worth $555,000. GAMMA Investing LLC boosted its position in shares of Chime Financial by 1,316.3% during the third quarter. GAMMA Investing LLC now owns 2,167 shares of the company's stock worth $58,000 after buying an additional 2,014 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Chime Financial by 2.4% during the third quarter. Farther Finance Advisors LLC now owns 72,666 shares of the company's stock worth $1,936,000 after buying an additional 1,672 shares during the period. Engineers Gate Manager LP acquired a new stake in shares of Chime Financial in the second quarter valued at $1,810,000. Finally, Arizona State Retirement System acquired a new stake in shares of Chime Financial in the second quarter valued at $692,000.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. KeyCorp boosted 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. Canaccord Genuity Group raised their price target on shares of Chime Financial from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, September 9th. Scotiabank raised their price target on shares of Chime Financial from $40.00 to $42.00 and gave the stock a "sector outperform" rating in a report on Wednesday, September 9th. Wolfe Research lifted their price target on shares of Chime Financial from $32.00 to $38.00 and gave the company an "outperform" rating in a research report on Tuesday, August 25th. Finally, BMO Capital Markets lifted their price target on shares of Chime Financial from $28.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $36.38.

Chime Financial Company Profile

Chime Financial, Inc is a financial technology company that provides digital banking services to consumers in the United States. Through its mobile app and website, Chime offers spending accounts, savings products, debit cards and tools designed to help members manage everyday finances without relying on traditional bank branches.

The company's product offerings have included fee-conscious checking and savings accounts, early direct-deposit access, automatic savings features, overdraft-related services such as SpotMe, and Chime Credit Builder, a secured credit card intended to help eligible members establish or improve their credit history.

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.