Why Community Health Systems' Shares Jumped This Week
Shares of Community Health Systems (NYSE: CYH) were up 44.9% for the week as of Friday morning, according to data provided by S&P Global Market Intelligence. The healthcare company, which operates or leases 79 acute-care hospitals in 16 states, closed last week at $5.08 a share, then rose to as high as $8.01 a share on Thursday.
Community Health has a 52-week low of $1.88 and a 52-week high of $12.51. The stock is down more than 30% over the past year but is up more than 72% in 2023.
Community Health Systems released fourth-quarter and year-end financials on Wednesday. While the company's yearly numbers were down, its fourth-quarter report was somewhat positive and an improvement on third-quarter earnings. The company reported 2022 revenue of $12.21 billion, down 1.3% and representing an earnings per share (EPS) loss of $1.38, compared to positive EPS of $2.45 in 2021. It attributed the drop to lower admissions for its hospitals, combined with higher supply and labor costs.
Source Fool.com
