Spyglass Capital Management LLC Increases Stake in Chime Financial, Inc. $CHYM

Spyglass Capital Management LLC grew its holdings in shares of Chime Financial, Inc. (NASDAQ:CHYM) by 162.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 3,406,249 shares of the company’s stock after buying an additional 2,109,057 shares during the period. Chime Financial comprises approximately 3.8% of Spyglass Capital Management LLC’s holdings, making the stock its 13th biggest position. Spyglass Capital Management LLC’s holdings in Chime Financial were worth $69,760,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the business. EverSource Wealth Advisors LLC acquired a new stake in shares of Chime Financial in the second quarter valued at about $33,000. Scopus Asset Management L.P. purchased a new position in shares of Chime Financial in the second quarter worth about $34,000. PNC Financial Services Group Inc. acquired a new position in Chime Financial during the fourth quarter worth about $25,000. Daiwa Securities Group Inc. acquired a new position in Chime Financial during the second quarter worth about $40,000. Finally, Osaic Holdings Inc. purchased a new stake in Chime Financial during the 2nd quarter valued at about $45,000.

Chime Financial Trading Down 0.3%

Chime Financial stock opened at $33.11 on Tuesday. The company has a 50-day moving average price of $25.30 and a 200 day moving average price of $21.69. Chime Financial, Inc. has a 12-month low of $15.88 and a 12-month high of $34.16. The stock has a market cap of $12.53 billion, a P/E ratio of -472.93 and a beta of 0.30.

Chime Financial (NASDAQ:CHYM) last posted its earnings results on Wednesday, August 5th. The company reported $0.07 earnings per share 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 company had revenue of $669.77 million for the quarter. During the same quarter in the previous year, the firm earned ($7.29) earnings per share. The business’s revenue for the quarter was up 26.8% compared to the same quarter last year. As a group, analysts forecast that Chime Financial, Inc. will post 0.41 EPS for the current year.

Analyst Upgrades and Downgrades

CHYM has been the subject of a number of recent research reports. 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 report on Thursday, August 6th. Piper Sandler boosted their target price on Chime Financial from $30.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Barclays upped their price target on Chime Financial from $26.00 to $33.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. BMO Capital Markets lifted their price objective on Chime Financial from $28.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Finally, B. Riley Financial boosted their price objective on Chime Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $32.33.

Insider Activity at Chime Financial

In related news, major shareholder Global Advisors Ltd Dst sold 1,168,667 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $33.04, for a total value of $38,612,757.68. Following the transaction, the insider directly owned 369,370 shares in the company, valued at approximately $12,203,984.80. This represents a 75.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 13,582,790 shares of company stock worth $441,268,723. 12.30% of the stock is currently owned by insiders.

About Chime Financial

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.