Chime Financial (NASDAQ:CHYM) Stock: Insider Ryan King Sells 50,000 Shares

Chime Financial, Inc. (NASDAQ:CHYM) insider Ryan King sold 50,000 shares of the 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 SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Chime Financial Trading Down 3.0%

Chime Financial stock opened at $29.00 on Thursday. Chime Financial, Inc. has a 12 month low of $15.88 and a 12 month high of $35.55. The stock has a fifty day simple moving average of $30.84 and a two-hundred day simple moving average of $23.81. The firm has a market cap of $10.98 billion, a price-to-earnings ratio of -414.23 and a beta of 0.83.

Chime Financial (NASDAQ:CHYM) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.08. Chime Financial had a negative return on equity of 1.28% and a negative net margin of 0.74%. The firm had revenue of $669.77 million for the quarter. During the same period in the previous year, the company earned ($7.29) earnings per share. The company’s revenue for the quarter was up 26.8% compared to the same quarter last year. On average, equities research analysts forecast that Chime Financial, Inc. will post 0.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Wall Street Zen upgraded shares of Chime Financial from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th. B. Riley Financial raised their price target on shares of Chime Financial from $37.00 to $44.00 and gave the company a “buy” rating in a report on Monday, September 14th. The Goldman Sachs Group raised their price target on shares of Chime Financial from $33.00 to $37.00 and gave the company a “buy” rating in a report on Tuesday, September 15th. Piper Sandler lifted their price target on shares of Chime Financial from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 9th. Finally, Zacks Research raised shares of Chime Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Chime Financial has an average rating of “Moderate Buy” and a consensus target price of $36.38.

Hedge Funds Weigh In On Chime Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership grew its holdings in shares of Chime Financial by 2,720.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,756,555 shares of the company’s stock worth $51,630,000 after acquiring an additional 2,658,816 shares during the period. Spyglass Capital Management LLC increased its position in Chime Financial by 162.6% during the second quarter. Spyglass Capital Management LLC now owns 3,406,249 shares of the company’s stock valued at $69,760,000 after acquiring an additional 2,109,057 shares during the last quarter. Owls Nest Partners IA LLC bought a new position in Chime Financial in the fourth quarter valued at about $47,065,000. Atreides Management LP bought a new position in Chime Financial in the fourth quarter valued at about $37,850,000. Finally, Ranger Investment Management L.P. bought a new position in Chime Financial in the second quarter valued at about $24,344,000.

About Chime Financial

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.