Community Health Systems (NYSE:CYH) Shares Gap Down on Disappointing Earnings

Shares of Community Health Systems, Inc. (NYSE:CYH) 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) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.51). The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.14 billion.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CYH. StockNews.com lowered shares of Community Health Systems from a “hold” rating to a “sell” rating in a report on Monday, November 25th. Truist Financial dropped their target price 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. Barclays increased their price target on Community Health Systems from $3.00 to $5.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Wells Fargo & Company lowered shares of Community Health Systems from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $5.00 to $2.50 in a research note on Monday, November 25th. Finally, Raymond James cut shares of Community Health Systems from a “market perform” rating to an “underperform” rating in a report on Friday, November 22nd. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $4.52.

Hedge Funds Weigh In On Community Health Systems

Several institutional investors have recently modified their holdings of CYH. Tower Research Capital LLC TRC grew its position in 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 acquiring an additional 6,445 shares during the last quarter. Signaturefd LLC bought a new position in shares of Community Health Systems in the third quarter worth approximately $33,000. Two Sigma Securities LLC purchased a new position in shares of Community Health Systems in the fourth quarter worth $33,000. Cibc World Markets Corp purchased a new stake in Community Health Systems during the 4th quarter valued at $35,000. Finally, Virtu Financial LLC bought a new stake in Community Health Systems in the 4th quarter worth $38,000. 84.99% of the stock is currently owned by institutional investors.

Community Health Systems Trading Up 8.2 %

The company’s fifty day simple moving average is $3.21 and its 200 day simple moving average is $4.29. The firm has a market capitalization of $503.69 million, a P/E 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.