Atreides Management LP Makes New $37.85 Million Investment in Chime Financial, Inc. $CHYM

Atreides Management LP purchased a new position in shares of Chime Financial, Inc. (NASDAQ:CHYM) in the 4th quarter, Holdings Channel.com reports. The fund purchased 1,503,788 shares of the company’s stock, valued at approximately $37,850,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CHYM. JPMorgan Chase & Co. acquired a new stake in Chime Financial during the second quarter worth about $693,000. Legal & General Group Plc acquired a new stake in Chime Financial during the second quarter worth about $136,000. Russell Investments Group Ltd. acquired a new stake in Chime Financial during the second quarter worth about $958,000. EverSource Wealth Advisors LLC acquired a new stake in Chime Financial during the second quarter worth about $33,000. Finally, Marshall Wace LLP acquired a new stake in Chime Financial during the second quarter worth about $9,087,000.

Chime Financial Stock Performance

CHYM stock opened at $16.60 on Thursday. Chime Financial, Inc. has a 1 year low of $15.88 and a 1 year high of $38.67. The firm has a market cap of $6.32 billion and a P/E ratio of -2.23. The stock has a 50-day simple moving average of $19.42 and a 200-day simple moving average of $21.85.

Chime Financial (NASDAQ:CHYM) last posted its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $647.39 million during the quarter. The company’s quarterly revenue was up 24.8% compared to the same quarter last year. On average, equities research analysts predict that Chime Financial, Inc. will post 0.3 EPS for the current year.

Insider Activity

In other news, General Counsel Adam B. Frankel sold 3,000 shares of the stock in a transaction dated 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 owned 303,795 shares in the company, valued at approximately $5,316,412.50. This trade represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 12.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CHYM shares. Keefe, Bruyette & Woods upgraded Chime Financial from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 26th. UBS Group upped their price target on Chime Financial from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, February 26th. Texas Capital upgraded Chime Financial to a “strong-buy” rating in a research note on Tuesday, April 14th. Canaccord Genuity Group restated a “buy” rating and set a $40.00 price target on shares of Chime Financial in a research note on Monday, May 11th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Chime Financial in a research note on Wednesday, June 3rd. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $31.65.

Chime Financial 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.