Community Health Systems (NYSE:CYH) Given New $1.00 Price Target at Wells Fargo & Company

Community Health Systems (NYSE:CYH) had its price target decreased by equities research analysts at Wells Fargo & Company from $2.00 to $1.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential downside of 53.60% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Truist Financial lowered their target price on shares of Community Health Systems from $3.75 to $3.25 and set a “hold” rating on the stock in a report on Monday, July 27th. Weiss Ratings cut shares of Community Health Systems from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, October 14th. Barclays reduced their price target on shares of Community Health Systems from $3.00 to $2.50 and set an “underweight” rating for the company in a research report on Thursday, July 23rd. Royal Bank Of Canada decreased their price target on shares of Community Health Systems from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Monday, July 27th. Finally, UBS Group lowered their price objective on Community Health Systems from $3.00 to $2.55 and set a “neutral” rating on the stock in a research report on Friday. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Community Health Systems currently has a consensus rating of “Reduce” and a consensus target price of $2.72.

Community Health Systems Trading Up 2.6%

Shares of CYH stock traded up $0.06 during trading hours on Tuesday, hitting $2.15. 384,522 shares of the company were exchanged, compared to its average volume of 1,611,128. The stock has a market capitalization of $303.88 million, a price-to-earnings ratio of 8.17 and a beta of 1.88. The firm has a fifty day simple moving average of $2.85 and a 200 day simple moving average of $3.03. Community Health Systems has a 52-week low of $2.06 and a 52-week high of $3.92.

Community Health Systems (NYSE:CYH) last announced its quarterly earnings data on Wednesday, October 28th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.19). The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.80 billion. Community Health Systems had a net margin of 0.31% and a negative return on equity of 6.66%. The company’s revenue was down 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.27 earnings per share. Sell-side analysts anticipate that Community Health Systems will post -1.65 EPS for the current year.

Insiders Place Their Bets

In related news, Director William Jennings sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $2.96, for a total transaction of $118,400.00. Following the transaction, the director directly owned 38,468 shares in the company, valued at $113,865.28. This trade represents a 50.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Community Health Systems

Several hedge funds and other institutional investors have recently modified their holdings of CYH. Apollo Management Holdings L.P. grew its stake in shares of Community Health Systems by 3.2% in the second quarter. Apollo Management Holdings L.P. now owns 11,859,526 shares of the company’s stock worth $39,611,000 after purchasing an additional 370,210 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Community Health Systems during the 2nd quarter valued at about $36,508,000. Eversept Partners LP increased its position in shares of Community Health Systems by 9.2% during the first quarter. Eversept Partners LP now owns 8,677,281 shares of the company’s stock valued at $25,511,000 after buying an additional 733,479 shares during the period. Whitebox Advisors LLC raised its position in shares of Community Health Systems by 42.1% in the 1st quarter. Whitebox Advisors LLC now owns 3,127,884 shares of the company’s stock worth $9,196,000 after acquiring an additional 926,364 shares in the last quarter. Finally, Owl Creek Asset Management L.P. boosted its position in shares of Community Health Systems by 65.4% during the first quarter. Owl Creek Asset Management L.P. now owns 2,530,622 shares of the company’s stock valued at $7,440,000 after purchasing an additional 1,000,862 shares in the last quarter. 84.99% of the stock is owned by institutional investors.

About Community Health Systems

Community Health Systems, Inc (NYSE: CYH) is a healthcare services company that owns, leases, and operates general acute-care hospitals and related healthcare facilities in the United States. The company focuses primarily on serving communities in small cities and non-urban markets, providing access to hospital-based and outpatient care.

Its services generally include emergency care, inpatient and outpatient treatment, surgery, diagnostic imaging, laboratory services, rehabilitation, and other clinical programs.