Light Street Capital Management LLC Grows Position in Chime Financial, Inc. $CHYM

Light Street Capital Management LLC grew its holdings in Chime Financial, Inc. (NASDAQ:CHYM) by 5.8% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,199,089 shares of the company’s stock after acquiring an additional 121,474 shares during the period. Chime Financial comprises 5.0% of Light Street Capital Management LLC’s holdings, making the stock its 9th biggest position. Light Street Capital Management LLC’s holdings in Chime Financial were worth $45,037,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. AMS Capital Ltda acquired a new position in shares of Chime Financial during the 1st quarter worth approximately $3,439,000. Arrowstreet Capital Limited Partnership lifted its holdings in Chime Financial by 2,720.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,756,555 shares of the company’s stock valued at $51,630,000 after purchasing an additional 2,658,816 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in Chime Financial during the 4th quarter valued at $1,274,000. Brown University boosted its position in Chime Financial by 99.0% during the first quarter. Brown University now owns 204,625 shares of the company’s stock worth $3,833,000 after purchasing an additional 101,820 shares during the period. Finally, Bank of America Corp DE boosted its position in Chime Financial by 115.0% during the first quarter. Bank of America Corp DE now owns 319,579 shares of the company’s stock worth $5,986,000 after purchasing an additional 170,941 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. UBS Group increased their price objective on shares of Chime Financial from $26.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, August 6th. Piper Sandler lifted their target price on shares of Chime Financial from $30.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Weiss Ratings upgraded shares of Chime Financial from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday. Scotiabank assumed coverage on shares of Chime Financial in a report on Wednesday, September 2nd. They issued a “sector outperform” rating and a $40.00 price target on the stock. Finally, Canaccord Genuity Group raised their price objective on shares of Chime Financial from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.74.

Chime Financial Stock Down 4.3%

Shares of CHYM traded down $1.45 during midday trading on Tuesday, reaching $32.31. 5,946,833 shares of the stock were exchanged, compared to its average volume of 5,283,657. Chime Financial, Inc. has a twelve month low of $15.88 and a twelve month high of $34.44. The company has a market cap of $12.23 billion, a P/E ratio of -461.51 and a beta of 0.60. The stock’s 50 day simple moving average is $26.75 and its 200 day simple moving average is $22.16.

Chime Financial (NASDAQ:CHYM) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.08. Chime Financial had a negative net margin of 0.74% and a negative return on equity of 1.28%. The business had revenue of $669.77 million for the quarter. During the same quarter last year, the company posted ($7.29) earnings per share. The company’s revenue was up 26.8% on a year-over-year basis. As a group, analysts predict that Chime Financial, Inc. will post 0.41 earnings per share for the current year.

Insider Transactions at Chime Financial

In other Chime Financial news, major shareholder Global Advisors Ltd Dst sold 1,168,667 shares of the business’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $33.04, for a total value of $38,612,757.68. Following the completion of the sale, the insider owned 369,370 shares of the company’s stock, valued at $12,203,984.80. The trade was a 75.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Christopher Britt sold 200,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $32.04, for a total transaction of $6,408,000.00. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 13,879,790 shares of company stock valued at $451,025,723 in the last three months. Insiders own 12.30% of the company’s stock.

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.