Chime Financial (NASDAQ:CHYM) Shares Down 6.6% After Insider Selling

Chime Financial, Inc. (NASDAQ:CHYM) traded down 6.6% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $25.96 and last traded at $26.09. 873,056 shares were traded during trading, a decline of 70% from the average session volume of 2,940,978 shares. The stock had previously closed at $27.93.

Specifically, CFO Matthew S. Newcomb sold 10,000 shares of the business’s stock in a transaction dated Friday, January 9th. The shares were sold at an average price of $28.01, for a total value of $280,100.00. Following the sale, the chief financial officer directly owned 2,240,798 shares in the company, valued at approximately $62,764,751.98. The trade was a 0.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher R. Britt sold 50,000 shares of the firm’s stock in a transaction dated Friday, January 9th. The shares were sold at an average price of $28.06, for a total transaction of $1,403,000.00. Additional details regarding this sale are available in the official SEC disclosure. In related news, General Counsel Adam B. Frankel sold 4,382 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $27.29, for a total value of $119,584.78. Following the sale, the general counsel directly owned 209,500 shares in the company, valued at $5,717,255. The trade was a 2.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Chime Financial in a report on Wednesday, October 8th. Jefferies Financial Group initiated coverage on shares of Chime Financial in a research note on Monday, November 3rd. They issued a “hold” rating and a $17.00 price target on the stock. Piper Sandler lowered their target price on Chime Financial from $35.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. B. Riley started coverage on Chime Financial in a report on Thursday, December 11th. They set a “buy” rating and a $35.00 price target for the company. Finally, Keefe, Bruyette & Woods dropped their price objective on Chime Financial from $42.00 to $35.00 and set an “outperform” rating on the stock in a report on Wednesday, October 1st. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have issued a Hold rating and one has issued 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 $32.44.

Chime Financial Stock Up 0.6%

The company has a market capitalization of $9.68 billion and a price-to-earnings ratio of -3.47. The company has a 50-day moving average price of $23.76 and a 200-day moving average price of $25.08.

Chime Financial (NASDAQ:CHYM) last released its earnings results on Wednesday, November 5th. The company reported ($0.15) earnings per share (EPS) 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 prior year, the business earned ($0.34) earnings per share. The firm’s revenue was up 28.8% on a year-over-year basis.

Hedge Funds Weigh In On Chime Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Galileo PTC Ltd acquired a new position in Chime Financial during the 2nd quarter valued at $1,803,793,000. ICONIQ Capital LLC bought a new position in shares of Chime Financial during the 2nd quarter worth about $518,844,000. Dragoneer Investment Group LLC acquired a new position in shares of Chime Financial during the second quarter valued at about $295,022,000. Orland Properties Ltd acquired a new position in shares of Chime Financial during the second quarter valued at about $159,093,000. Finally, Scge Management L.P. bought a new stake in shares of Chime Financial in the second quarter valued at about $152,563,000.

Chime Financial Company Profile

Chime Financial is a U.S.-based financial technology company offering mobile-first banking services designed to reduce fees and simplify everyday transactions. Founded in 2013 and headquartered in San Francisco, Chime operates a digital bank platform that provides customers with a checking account, a savings account, and a debit card without monthly maintenance fees, overdraft charges, or foreign transaction fees. The company’s platform is accessible via its mobile app, enabling users to manage their finances, track spending, and access customer support from their smartphones.

At the core of Chime’s service offering is its fee-free spending account, which includes early access to direct deposit funds—up to two days before scheduled payday—and instant transaction alerts.