ICONIQ Capital LLC Invests $518.84 Million in Chime Financial, Inc. $CHYM

ICONIQ Capital LLC acquired a new stake in Chime Financial, Inc. (NASDAQ:CHYM) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 15,034,594 shares of the company’s stock, valued at approximately $518,844,000. Chime Financial makes up 8.7% of ICONIQ Capital LLC’s portfolio, making the stock its 4th biggest holding.

Several other institutional investors and hedge funds have also bought and sold shares of CHYM. EverSource Wealth Advisors LLC bought a new stake in Chime Financial in the second quarter valued at $33,000. Daiwa Securities Group Inc. bought a new position in Chime Financial in the second quarter worth approximately $40,000. Emerald Mutual Fund Advisers Trust acquired a new stake in Chime Financial in the second quarter valued at approximately $113,000. Legal & General Group Plc acquired a new stake in Chime Financial in the second quarter valued at approximately $136,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Chime Financial during the second quarter worth approximately $159,000.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CHYM shares. JPMorgan Chase & Co. reduced their price target on shares of Chime Financial from $40.00 to $34.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Canaccord Genuity Group reiterated a “buy” rating and set a $40.00 price objective on shares of Chime Financial in a report on Thursday, October 30th. William Blair restated an “outperform” rating on shares of Chime Financial in a report on Tuesday, September 30th. Keefe, Bruyette & Woods cut their price target on Chime Financial from $42.00 to $35.00 and set an “outperform” rating for the company in a research note on Wednesday, October 1st. Finally, Jefferies Financial Group started coverage on Chime Financial in a research note on Monday, November 3rd. They issued a “hold” rating and a $17.00 price objective for the company. Two investment 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 assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.25.

Chime Financial Stock Performance

Chime Financial stock opened at $26.19 on Friday. Chime Financial, Inc. has a fifty-two week low of $16.17 and a fifty-two week high of $44.94. The stock’s 50-day moving average price is $20.15.

Chime Financial (NASDAQ:CHYM) last posted its earnings results on Wednesday, November 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.25) by $0.10. The firm had revenue of $543.52 million for the quarter. During the same quarter in the prior year, the company posted ($0.34) earnings per share. The firm’s quarterly revenue was up 28.8% on a year-over-year basis.

Insider Transactions at Chime Financial

In other news, General Counsel Adam B. Frankel sold 6,760 shares of the firm’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $23.84, for a total transaction of $161,158.40. Following the completion of the sale, the general counsel directly owned 244,416 shares of the company’s stock, valued at $5,826,877.44. This trade represents a 2.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 8,260 shares of company stock valued at $200,158.

Chime Financial Company Profile

Chime is a financial technology company that partners with federally regulated, FDIC-insured banks—The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC—to provide consumer banking products and services. The company’s model is designed to eliminate common fees and simplify access to basic financial services.

Chime does not charge overdraft fees, monthly service fees, or require minimum balances.