Coatue Management LLC Cuts Stock Position in Chime Financial, Inc. $CHYM

Coatue Management LLC cut its stake in shares of Chime Financial, Inc. (NASDAQ:CHYM) by 1.0% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 10,716,284 shares of the company’s stock after selling 105,708 shares during the period. Coatue Management LLC’s holdings in Chime Financial were worth $216,147,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Centiva Capital LP acquired a new stake in shares of Chime Financial in the third quarter valued at about $429,000. Boothbay Fund Management LLC raised its position in shares of Chime Financial by 16.4% during the 3rd quarter. Boothbay Fund Management LLC now owns 52,925 shares of the company’s stock worth $1,067,000 after purchasing an additional 7,459 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Chime Financial by 58.0% during the 3rd quarter. Alliancebernstein L.P. now owns 1,867,623 shares of the company’s stock worth $37,670,000 after purchasing an additional 685,948 shares during the last quarter. Virtu Financial LLC purchased a new position in Chime Financial in the 3rd quarter valued at about $644,000. Finally, Man Group plc purchased a new position in Chime Financial in the 3rd quarter valued at about $2,008,000.

Insider Buying and Selling

In related news, CEO Christopher R. Britt sold 50,000 shares of the stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $28.06, for a total value of $1,403,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Adam B. Frankel sold 4,382 shares of the stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $27.29, for a total value of $119,584.78. Following the completion of the sale, the general counsel directly owned 209,500 shares of the company’s stock, valued at approximately $5,717,255. This represents a 2.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 72,111 shares of company stock valued at $1,996,109 over the last ninety days.

Chime Financial Trading Down 4.7%

CHYM opened at $20.61 on Friday. Chime Financial, Inc. has a twelve month low of $16.17 and a twelve month high of $44.94. The firm has a market capitalization of $7.92 billion and a PE ratio of -2.73. The firm’s 50-day moving average price is $23.56 and its 200 day moving average price is $22.60.

Chime Financial (NASDAQ:CHYM) last released its quarterly earnings data on Wednesday, February 25th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.08. Chime Financial had a negative net margin of 46.18% and a negative return on equity of 70.90%. The company had revenue of $596.36 million during the quarter. During the same quarter in the previous year, the company posted ($0.30) EPS. The firm’s revenue was up 25.5% on a year-over-year basis.

Analyst Ratings Changes

Several equities research analysts have commented on CHYM shares. UBS Group boosted their price objective on Chime Financial from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, February 26th. Wall Street Zen upgraded Chime Financial from a “hold” rating to a “buy” rating in a research report on Saturday, March 7th. KeyCorp assumed coverage on Chime Financial in a research note on Wednesday, March 4th. They issued an “overweight” rating and a $30.00 price target on the stock. Keefe, Bruyette & Woods upgraded Chime Financial from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, February 26th. Finally, The Goldman Sachs Group increased their price objective on Chime Financial from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, January 6th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $32.28.

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.