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

Community Health Systems, Inc. (NYSE:CYH)’s stock price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $5.55, but opened at $4.89. Community Health Systems shares last traded at $4.35, with a volume of 2,036,668 shares changing hands.

The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.14). The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the firm earned ($0.33) earnings per share. The firm’s quarterly revenue was up .1% on a year-over-year basis.

Wall Street Analysts Forecast Growth

CYH has been the subject of several recent research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $6.00 price objective on shares of Community Health Systems in a research report on Monday, August 12th. Barclays raised their price target on shares of Community Health Systems from $3.00 to $5.00 and gave the company an “equal weight” rating in a report on Thursday. Wells Fargo & Company raised their price target on shares of Community Health Systems from $3.50 to $5.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. UBS Group raised their price target on shares of Community Health Systems from $4.70 to $5.10 and gave the company a “neutral” rating in a report on Wednesday, August 14th. Finally, Truist Financial raised their price target on shares of Community Health Systems from $3.75 to $4.25 and gave the company a “hold” rating in a report on Monday, July 15th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Community Health Systems currently has a consensus rating of “Hold” and an average target price of $5.06.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CYH. Red Door Wealth Management LLC boosted its stake in Community Health Systems by 126.6% during the 1st quarter. Red Door Wealth Management LLC now owns 26,060 shares of the company’s stock valued at $91,000 after acquiring an additional 14,560 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Community Health Systems during the 1st quarter valued at $241,000. BNP Paribas Financial Markets lifted its position in shares of Community Health Systems by 87.0% in the 1st quarter. BNP Paribas Financial Markets now owns 61,468 shares of the company’s stock worth $215,000 after buying an additional 28,594 shares during the last quarter. GSA Capital Partners LLP lifted its position in shares of Community Health Systems by 8.5% in the 1st quarter. GSA Capital Partners LLP now owns 251,922 shares of the company’s stock worth $882,000 after buying an additional 19,787 shares during the last quarter. Finally, BOS Asset Management LLC bought a new position in shares of Community Health Systems in the 1st quarter worth about $80,000. 84.99% of the stock is currently owned by institutional investors.

Community Health Systems Trading Down 23.4 %

The stock’s 50-day moving average price is $5.54 and its 200-day moving average price is $4.34. The company has a market capitalization of $590.61 million, a P/E ratio of -4.47 and a beta of 1.55.

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.