Chime Financial (NASDAQ:CHYM) Shares Up 7% – Here’s What Happened

Shares of Chime Financial, Inc. (NASDAQ:CHYM) shot up 7% during mid-day trading on Friday . The company traded as high as $19.35 and last traded at $19.5580. Approximately 1,245,829 shares were traded during trading, a decline of 71% from the average daily volume of 4,329,631 shares. The stock had previously closed at $18.27.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Compass Point upgraded Chime Financial from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $33.00 to $27.00 in a research note on Monday, April 13th. Texas Capital upgraded Chime Financial to a “strong-buy” rating in a report on Tuesday, April 14th. KeyCorp assumed coverage on Chime Financial in a report on Wednesday, March 4th. They set an “overweight” rating and a $30.00 target price for the company. Wells Fargo & Company increased their target price on shares of Chime Financial from $25.00 to $28.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, Keefe, Bruyette & Woods upgraded shares of Chime Financial from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, February 26th. Four analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.65.

Chime Financial Price Performance

The firm’s 50-day moving average price is $19.06 and its 200 day moving average price is $21.63. The firm has a market cap of $7.66 billion and a P/E ratio of -2.70.

Chime Financial (NASDAQ:CHYM) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.10. Chime Financial had a negative return on equity of 67.86% and a negative net margin of 41.87%.The firm had revenue of $647.39 million during the quarter. Chime Financial’s quarterly revenue was up 24.8% compared to the same quarter last year. Analysts forecast that Chime Financial, Inc. will post 0.3 earnings per share for the current year.

Insider Activity at Chime Financial

In other news, General Counsel Adam B. Frankel sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $17.50, for a total value of $52,500.00. Following the completion of the sale, the general counsel directly owned 303,795 shares in the company, valued at approximately $5,316,412.50. The trade was a 0.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 12.30% of the company’s stock.

Institutional Trading of Chime Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Tiger Global Management LLC raised its holdings in shares of Chime Financial by 13.8% during the fourth quarter. Tiger Global Management LLC now owns 14,192,499 shares of the company’s stock valued at $357,225,000 after buying an additional 1,721,731 shares during the last quarter. Aspect Management LLC purchased a new position in shares of Chime Financial during the 4th quarter valued at $300,361,000. Capital Research Global Investors increased its stake in shares of Chime Financial by 90.0% in the third quarter. Capital Research Global Investors now owns 6,878,057 shares of the company’s stock worth $138,730,000 after acquiring an additional 3,258,179 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Chime Financial in the fourth quarter worth $129,091,000. Finally, Orland Properties Ltd purchased a new stake in shares of Chime Financial during the second quarter worth $159,093,000.

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.