Community Health Systems (NYSE:CYH) Shares Gap Down Following Weak Earnings

Community Health Systems, Inc. (NYSE:CYH)’s share price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $3.35, but opened at $3.19. Community Health Systems shares last traded at $3.61, with a volume of 2,147,916 shares trading hands.

The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.51). The firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.14 billion.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CYH shares. Wells Fargo & Company lowered shares of Community Health Systems from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $5.00 to $2.50 in a research report on Monday, November 25th. Raymond James cut Community Health Systems from a “market perform” rating to an “underperform” rating in a report on Friday, November 22nd. Barclays upped their price target on Community Health Systems from $3.00 to $5.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 24th. Truist Financial decreased their price target on Community Health Systems from $5.00 to $3.50 and set a “hold” rating on the stock in a report on Monday, January 6th. Finally, StockNews.com cut Community Health Systems from a “hold” rating to a “sell” rating in a report on Monday, November 25th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Community Health Systems presently has an average rating of “Hold” and an average target price of $4.52.

Institutional Investors Weigh In On Community Health Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC raised its stake in shares of Community Health Systems by 250.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 9,023 shares of the company’s stock worth $27,000 after buying an additional 6,445 shares during the period. Signaturefd LLC acquired a new position in Community Health Systems during the third quarter worth $33,000. Two Sigma Securities LLC purchased a new position in Community Health Systems during the fourth quarter valued at $33,000. Cibc World Markets Corp purchased a new stake in shares of Community Health Systems during the fourth quarter worth about $35,000. Finally, Virtu Financial LLC acquired a new position in shares of Community Health Systems during the 4th quarter worth about $38,000. 84.99% of the stock is owned by institutional investors and hedge funds.

Community Health Systems Stock Performance

The stock’s 50 day moving average is $3.21 and its two-hundred day moving average is $4.29. The stock has a market capitalization of $503.69 million, a PE ratio of -1.20 and a beta of 1.63.

Community Health Systems Company Profile

Community Health Systems, Inc owns, leases, and operates general acute care hospitals in the United States. It offers general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric, and rehabilitation services, as well as skilled nursing and home care services.