Chime Financial, Inc. (NASDAQ:CHYM – Get Free Report) shares fell 6.7% during mid-day trading on Wednesday . The stock traded as low as $27.49 and last traded at $26.69. 444,874 shares were traded during mid-day trading, a decline of 92% from the average session volume of 5,531,291 shares. The stock had previously closed at $28.62.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on CHYM. Canaccord Genuity Group lifted their target price on Chime Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, September 9th. Rothschild & Co Redburn raised shares of Chime Financial from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research note on Monday, September 14th. Piper Sandler lifted their price objective on shares of Chime Financial from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, September 9th. Freedom Capital raised shares of Chime Financial to a “strong-buy” rating in a research report on Thursday, July 23rd. Finally, 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 report on Tuesday, August 25th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $36.40.
Check Out Our Latest Research Report on Chime Financial
Chime Financial Price Performance
Chime Financial (NASDAQ:CHYM – Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.08. The company had revenue of $669.77 million for the quarter. Chime Financial had a negative return on equity of 1.28% and a negative net margin of 0.74%.Chime Financial’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($7.29) EPS. As a group, analysts expect that Chime Financial, Inc. will post 0.44 earnings per share for the current fiscal year.
Insider Buying and Selling at Chime Financial
In related news, major shareholder Global Advisors Ltd Dst sold 3,216,189 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $33.99, for a total value of $109,318,264.11. Following the sale, the insider directly owned 336,798 shares of the company’s stock, valued at $11,447,764.02. This trade represents a 90.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director James Feuille sold 256,837 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $32.33, for a total transaction of $8,303,540.21. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 18,827,490 shares of company stock valued at $617,797,141 over the last three months. 12.30% of the stock is owned by insiders.
Institutional Trading of Chime Financial
Hedge funds and other institutional investors have recently modified their holdings of the stock. Engineers Gate Manager LP bought a new position in Chime Financial during the second quarter worth $1,810,000. Arizona State Retirement System bought a new stake in Chime Financial during the second quarter valued at $692,000. Light Street Capital Management LLC grew its holdings in Chime Financial by 5.8% during the 2nd quarter. Light Street Capital Management LLC now owns 2,199,089 shares of the company’s stock worth $45,037,000 after acquiring an additional 121,474 shares during the period. Allianz Asset Management GmbH acquired a new stake in Chime Financial during the 2nd quarter worth about $7,828,000. Finally, Comprehensive Financial Management LLC raised its position in shares of Chime Financial by 2.4% in the 2nd quarter. Comprehensive Financial Management LLC now owns 565,976 shares of the company’s stock worth $11,591,000 after acquiring an additional 13,225 shares in the last quarter.
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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