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

Cross Country Healthcare, Inc. (NASDAQ:CCRN) gapped down before the market opened 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.

Other research analysts have also issued reports about the stock. Truist Financial cut their target price on shares of Cross Country Healthcare from $22.00 to $16.00 and set a “hold” rating on the stock in a research note on Thursday, February 22nd. Barrington Research decreased their target price on Cross Country Healthcare from $26.00 to $24.00 and set an “outperform” rating for the company 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, Cross Country Healthcare currently has an average rating of “Hold” and an average price target of $21.33.

Insiders Place Their Bets

In related news, insider Karen Mote sold 6,216 shares of the business’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 transaction, the insider now directly owns 35,101 shares of the company’s stock, valued at approximately $594,961.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Cross Country Healthcare

Several institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC bought a new position in shares of Cross Country Healthcare during the 4th quarter worth $28,000. Gladius Capital Management LP raised its position in shares of 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 period. Denali Advisors LLC lifted its stake in shares of 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 valued at $103,000 after buying an additional 5,362 shares in the last quarter. Aigen Investment Management LP bought a new position in Cross Country Healthcare in the 3rd quarter worth approximately $219,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Cross Country Healthcare by 212.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,089 shares of the business services provider’s stock valued at $226,000 after acquiring an additional 8,225 shares during the period. 96.03% of the stock is owned by institutional investors.

Cross Country Healthcare Stock Down 0.4 %

The firm has a 50-day simple moving average of $17.92 and a 200-day simple moving average of $20.03. The stock has a market cap of $578.12 million, a PE ratio of 12.82, a P/E/G ratio of 1.95 and a beta of 0.77.

Cross Country Healthcare (NASDAQ:CCRN) last posted its earnings results on Wednesday, May 1st. The business services provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. Cross Country Healthcare had a return on equity of 11.67% and a net margin of 2.58%. The business had revenue of $379.17 million during the quarter, compared to analyst estimates of $374.38 million. During the same quarter in the previous year, the firm earned $0.84 EPS. The company’s quarterly revenue was down 39.1% compared to the same quarter last year. On average, research analysts expect that Cross Country Healthcare, Inc. will post 0.92 earnings per share for the current year.

About Cross Country Healthcare

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.