Cross Country Healthcare (NASDAQ:CCRN) Announces Earnings Results

Cross Country Healthcare (NASDAQ:CCRN) announced its quarterly earnings results on Thursday. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02, FiscalAI reports. Cross Country Healthcare had a negative return on equity of 0.71% and a negative net margin of 9.84%.The company had revenue of $241.06 million during the quarter, compared to the consensus estimate of $236.84 million.

Cross Country Healthcare Stock Up 0.7%

CCRN traded up $0.09 during trading on Friday, reaching $13.18. The company’s stock had a trading volume of 1,809,683 shares, compared to its average volume of 620,874. The company has a market cap of $424.40 million, a price-to-earnings ratio of -4.32, a PEG ratio of 13.78 and a beta of 0.35. The firm has a fifty day simple moving average of $9.69 and a two-hundred day simple moving average of $9.66. Cross Country Healthcare has a 1 year low of $7.43 and a 1 year high of $14.99.

Institutional Investors Weigh In On Cross Country Healthcare

Several hedge funds and other institutional investors have recently made changes to their positions in CCRN. Alliancebernstein L.P. boosted its stake in Cross Country Healthcare by 4.0% during the second quarter. Alliancebernstein L.P. now owns 2,438,282 shares of the business services provider’s stock worth $31,820,000 after buying an additional 94,798 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Cross Country Healthcare by 56.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,095,178 shares of the business services provider’s stock worth $16,307,000 after acquiring an additional 397,216 shares during the last quarter. Quinn Opportunity Partners LLC acquired a new stake in shares of Cross Country Healthcare in the 4th quarter worth $8,470,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Cross Country Healthcare by 28.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 969,458 shares of the business services provider’s stock worth $7,853,000 after acquiring an additional 211,925 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Cross Country Healthcare by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 893,620 shares of the business services provider’s stock valued at $7,240,000 after acquiring an additional 14,733 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CCRN shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cross Country Healthcare in a report on Friday, March 27th. Citigroup downgraded shares of Cross Country Healthcare from a “market outperform” rating to a “market perform” rating in a report on Thursday. Cross Research set a $14.00 price target on shares of Cross Country Healthcare in a research report on Thursday, March 5th. Benchmark reaffirmed a “hold” rating on shares of Cross Country Healthcare in a report on Friday. Finally, Wedbush downgraded shares of Cross Country Healthcare from an “outperform” rating to a “hold” rating and decreased their price objective for the stock from $15.00 to $13.25 in a research report on Thursday. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.31.

Key Cross Country Healthcare News

Here are the key news stories impacting Cross Country Healthcare this week:

• Positive Sentiment: Cross Country Healthcare agreed to be acquired by Knox Lane in an all-cash transaction, giving shareholders a fixed buyout price of $13.25 per share and supporting the stock. Cross Country Healthcare to be Acquired by Knox Lane in All-Cash Transaction Valued at $437 Million
• Positive Sentiment: The company’s Q1 results beat Wall Street expectations, with a smaller-than-expected loss of $0.03 per share and revenue of $241.06 million, which may have added some support to sentiment. Cross Country Healthcare (CCRN) Reports Q1 Loss, Beats Revenue Estimates
• Neutral Sentiment: Benchmark reaffirmed its hold rating on CCRN, while Wedbush downgraded the stock to hold and trimmed its price target to $13.25, reflecting limited upside versus the deal price. Benchmark Reaffirms Hold Rating
• Neutral Sentiment: Some commentary suggested investors may want to cash out after the merger announcement, but this is largely a reaction to the acquisition news rather than a separate operating development. Cross Country Healthcare: Time To Cash Out After A New Merger

Cross Country Healthcare Company Profile

Cross Country Healthcare, Inc, headquartered in Boca Raton, Florida, is a leading provider of healthcare workforce solutions in the United States. The company specializes in the recruitment, placement and management of nursing and allied health professionals on both a travel and permanent basis. Through its integrated platform, Cross Country Healthcare serves hospitals, health systems, and long-term care facilities by matching qualified clinical talent with patient care needs across diverse care settings.

The company’s core service offerings include travel nurse and allied health staffing, per diem staffing, permanent placement services, and managed services programs.