Cross Country Healthcare (NASDAQ:CCRN) Shares Gap Down on Analyst Downgrade

Cross Country Healthcare, Inc. (NASDAQ:CCRN) gapped down prior to trading on Thursday after Benchmark lowered their price target on the stock from $21.00 to $19.00. The stock had previously closed at $17.90, but opened at $16.12. Benchmark currently has a buy rating on the stock. Cross Country Healthcare shares last traded at $16.59, with a volume of 161,197 shares traded.

CCRN has been the topic of several other reports. Truist Financial decreased their price objective on Cross Country Healthcare from $22.00 to $16.00 and set a “hold” rating on the stock in a report on Thursday, February 22nd. Barrington Research decreased their target price on shares of Cross Country Healthcare from $26.00 to $24.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 27th. Finally, TheStreet lowered Cross Country Healthcare from a “b-” rating to a “c+” rating in a report on Friday, March 1st. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $21.33.

Insider Transactions at Cross Country Healthcare

In other news, insider Karen Mote sold 6,216 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $16.95, for a total value of $105,361.20. Following the sale, the insider now directly owns 35,101 shares in the company, valued at approximately $594,961.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Cross Country Healthcare

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC purchased a new stake in shares of Cross Country Healthcare in the 4th quarter valued at $28,000. Gladius Capital Management LP boosted its holdings in Cross Country Healthcare by 37.1% in the fourth quarter. Gladius Capital Management LP now owns 1,902 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 515 shares during the last quarter. Denali Advisors LLC grew its position in Cross Country Healthcare by 3,885.5% during the 1st quarter. Denali Advisors LLC now owns 5,500 shares of the business services provider’s stock worth $103,000 after purchasing an additional 5,362 shares during the period. Aigen Investment Management LP purchased a new position in shares of Cross Country Healthcare during the 3rd quarter valued at about $219,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Cross Country Healthcare by 212.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,089 shares of the business services provider’s stock worth $226,000 after buying an additional 8,225 shares during the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Cross Country Healthcare Price Performance

The firm has a fifty day moving average of $17.94 and a 200 day moving average of $20.10. The stock has a market capitalization of $595.80 million, a price-to-earnings ratio of 8.64, a price-to-earnings-growth ratio of 1.91 and a beta of 0.77.

Cross Country Healthcare (NASDAQ:CCRN) last posted its quarterly earnings data on Wednesday, May 1st. The business services provider reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $379.17 million during the quarter, compared to analysts’ expectations of $374.38 million. Cross Country Healthcare had a return on equity of 16.93% and a net margin of 3.60%. The business’s revenue was down 39.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 earnings per share. Research analysts predict that Cross Country Healthcare, Inc. will post 0.92 EPS for the current year.

Cross Country Healthcare Company Profile

Cross Country Healthcare, Inc provides talent management and other consultative services for healthcare clients in the United States. The company's Nurse and Allied Staffing segment provides traditional staffing, recruiting, and value-added total talent solutions, including temporary and permanent placement of travel and local nurse and, allied professionals; temporary placement of healthcare leaders within nursing, allied, physician, and human resources; vendor neutral and managed services programs; education healthcare services; in-home care services; and outsourcing services.