Chime Financial (NASDAQ:CHYM) Hits New 12-Month High – Here’s What Happened

Chime Financial, Inc. (NASDAQ:CHYM)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $33.68 and last traded at $33.4830, with a volume of 466475 shares traded. The stock had previously closed at $33.07.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Chime Financial from $25.00 to $28.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. The Goldman Sachs Group raised their price target on shares of Chime Financial from $26.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wall Street Zen upgraded shares of Chime Financial from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. Keefe, Bruyette & Woods raised their target price on Chime Financial from $30.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Finally, Canaccord Genuity Group upped their price target on Chime Financial from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $31.39.

Chime Financial Trading Down 0.9%

The business’s fifty day moving average is $22.78 and its 200 day moving average is $21.11. The company has a market cap of $12.41 billion, a P/E ratio of -468.25 and a beta of 0.31.

Chime Financial (NASDAQ:CHYM) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 EPS for the quarter, topping 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 during the quarter. During the same period in the previous year, the business earned ($7.29) earnings per share. Chime Financial’s revenue was up 26.8% on a year-over-year basis. As a group, research analysts expect that Chime Financial, Inc. will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling at Chime Financial

In related news, insider Ryan A. King sold 375,000 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $30.27, for a total transaction of $11,351,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Amine Asmerom sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief accounting officer owned 216,946 shares in the company, valued at $6,508,380. This represents a 4.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 4,891,471 shares of company stock worth $156,168,157. 12.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Chime Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. purchased a new position in shares of Chime Financial during the second quarter worth about $693,000. Legal & General Group Plc purchased a new stake in Chime Financial in the second quarter valued at approximately $136,000. Russell Investments Group Ltd. bought a new stake in Chime Financial during the second quarter valued at approximately $958,000. EverSource Wealth Advisors LLC bought a new stake in Chime Financial during the second quarter valued at approximately $33,000. Finally, Marshall Wace LLP purchased a new position in Chime Financial in the 2nd quarter worth approximately $9,087,000.

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.