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

Shares of 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 trading hands.

Several other research analysts have also weighed in on the stock. Truist Financial decreased their price objective on shares of Cross Country Healthcare from $22.00 to $16.00 and set a “hold” rating for the company in a report on Thursday, February 22nd. Barrington Research dropped 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 report on Tuesday, February 27th. Finally, TheStreet lowered shares of Cross Country Healthcare from a “b-” rating to a “c+” rating in a report on Friday, March 1st. Six 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 currently has a consensus rating of “Hold” and an average target price of $21.33.

Insider Activity at Cross Country Healthcare

In related news, insider Karen Mote sold 6,216 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $16.95, for a total value of $105,361.20. Following the completion of the sale, the insider now owns 35,101 shares of the company’s stock, valued at approximately $594,961.95. The sale was disclosed in a document filed with the SEC, which is available at this link. 4.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cross Country Healthcare

Several institutional investors have recently bought and sold shares of the stock. Blair William & Co. IL acquired a new position in Cross Country Healthcare during the 3rd quarter worth $2,550,000. Jacobs Levy Equity Management Inc. lifted its position in shares of Cross Country Healthcare by 63.7% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 370,224 shares of the business services provider’s stock worth $9,178,000 after purchasing an additional 144,035 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Cross Country Healthcare by 80.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 401,887 shares of the business services provider’s stock valued at $9,963,000 after purchasing an additional 179,093 shares during the period. Paradiem LLC increased its position in Cross Country Healthcare by 5.0% in the 3rd quarter. Paradiem LLC now owns 131,989 shares of the business services provider’s stock worth $3,272,000 after buying an additional 6,341 shares during the period. Finally, Qube Research & Technologies Ltd increased its position in Cross Country Healthcare by 946.0% during the third quarter. Qube Research & Technologies Ltd now owns 115,318 shares of the business services provider’s stock worth $2,859,000 after acquiring an additional 104,293 shares during the period. 96.03% of the stock is currently owned by institutional investors.

Cross Country Healthcare Stock Down 4.0 %

The stock’s 50-day moving average price is $17.94 and its 200 day moving average price is $20.10. The firm has a market cap 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 announced its quarterly earnings results on Wednesday, May 1st. The business services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. The firm had revenue of $379.17 million for the quarter, compared to analyst estimates of $374.38 million. Cross Country Healthcare had a net margin of 3.60% and a return on equity of 16.93%. The business’s revenue for the quarter was down 39.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 EPS. On average, 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.