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

Community Health Systems, Inc. (NYSE:CYH)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. 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.

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

Analyst Upgrades and Downgrades

CYH has been the subject of a number of analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $6.00 price target on shares of Community Health Systems in a report on Monday, August 12th. UBS Group upped their price target on Community Health Systems from $4.70 to $5.10 and gave the company a “neutral” rating in a research report on Wednesday, August 14th. Wells Fargo & Company upped their price target on Community Health Systems from $3.50 to $5.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Barclays increased their price objective on Community Health Systems from $3.00 to $5.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Oppenheimer increased their price objective on Community Health Systems from $4.50 to $5.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.06.

Institutional Trading of Community Health Systems

Hedge funds have recently modified their holdings of the stock. Signaturefd LLC acquired a new stake in shares of Community Health Systems in the third quarter valued at $33,000. nVerses Capital LLC acquired a new stake in Community Health Systems in the second quarter valued at $25,000. DekaBank Deutsche Girozentrale acquired a new stake in Community Health Systems in the second quarter valued at $33,000. CWM LLC raised its stake in Community Health Systems by 32.1% in the third quarter. CWM LLC now owns 12,191 shares of the company’s stock valued at $74,000 after buying an additional 2,961 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in Community Health Systems in the second quarter valued at $45,000. 84.99% of the stock is currently owned by institutional investors and hedge funds.

Community Health Systems Price Performance

The company has a market capitalization of $617.01 million, a price-to-earnings ratio of -4.71 and a beta of 1.55. The stock has a 50 day simple moving average of $5.55 and a two-hundred day simple moving average of $4.34.

About Community Health Systems

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.