Light Street Capital Management LLC Makes New Investment in Chime Financial, Inc. $CHYM

Light Street Capital Management LLC acquired a new stake in Chime Financial, Inc. (NASDAQ:CHYM) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 693,530 shares of the company’s stock, valued at approximately $23,934,000. Chime Financial accounts for approximately 4.9% of Light Street Capital Management LLC’s portfolio, making the stock its 8th biggest holding.

A number of other hedge funds have also modified their holdings of the business. EverSource Wealth Advisors LLC purchased a new stake in Chime Financial in the 2nd quarter valued at $33,000. Daiwa Securities Group Inc. purchased a new position in Chime Financial during the 2nd quarter worth $40,000. Emerald Mutual Fund Advisers Trust acquired a new position in Chime Financial in the second quarter valued at $113,000. Legal & General Group Plc purchased a new stake in shares of Chime Financial in the second quarter valued at about $136,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Chime Financial during the second quarter worth about $159,000.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Jefferies Financial Group initiated coverage on Chime Financial in a research report on Monday, November 3rd. They issued a “hold” rating and a $17.00 price target on the stock. Keefe, Bruyette & Woods lowered their target price on Chime Financial from $42.00 to $35.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 1st. The Goldman Sachs Group upgraded Chime Financial from a “neutral” rating to a “buy” rating and upped their price target for the stock from $26.00 to $27.00 in a research note on Monday, December 1st. UBS Group decreased their price target on Chime Financial from $37.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Chime Financial from $40.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.25.

Insider Activity at Chime Financial

In other news, General Counsel Adam B. Frankel sold 1,000 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $25.50, for a total transaction of $25,500.00. Following the transaction, the general counsel directly owned 252,416 shares of the company’s stock, valued at $6,436,608. This represents a 0.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 8,260 shares of company stock worth $200,158.

Chime Financial Stock Down 4.7%

Shares of CHYM stock opened at $26.19 on Friday. The stock’s 50 day simple moving average is $20.15. Chime Financial, Inc. has a 12-month low of $16.17 and a 12-month high of $44.94.

Chime Financial (NASDAQ:CHYM) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.10. The business had revenue of $543.52 million during the quarter. During the same quarter in the previous year, the business posted ($0.34) EPS. Chime Financial’s quarterly revenue was up 28.8% on a year-over-year basis.

About Chime Financial

Chime is a financial technology company that partners with federally regulated, FDIC-insured banks—The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC—to provide consumer banking products and services. The company’s model is designed to eliminate common fees and simplify access to basic financial services.

Chime does not charge overdraft fees, monthly service fees, or require minimum balances.