Cross Country Healthcare (NASDAQ:CCRN) Stock Price Down 4.1% After Analyst Downgrade

Cross Country Healthcare, Inc. (NASDAQ:CCRN) was down 4.1% during mid-day trading on Monday after Barrington Research lowered their price target on the stock from $24.00 to $21.00. Barrington Research currently has an outperform rating on the stock. Cross Country Healthcare traded as low as $15.98 and last traded at $15.98. Approximately 169,240 shares traded hands during trading, a decline of 62% from the average daily volume of 448,589 shares. The stock had previously closed at $16.67.

Several other equities analysts also recently commented on the stock. Truist Financial cut their price target on shares of Cross Country Healthcare from $22.00 to $16.00 and set a “hold” rating on the stock in a report on Thursday, February 22nd. TheStreet downgraded shares of Cross Country Healthcare from a “b-” rating to a “c+” rating in a report on Friday, March 1st. Finally, Benchmark cut their price target on shares of Cross Country Healthcare from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Cross Country Healthcare currently has a consensus rating of “Hold” and a consensus target price of $20.83.

Insider Buying and Selling at Cross Country Healthcare

In other news, insider Karen Mote sold 6,216 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On Cross Country Healthcare

A number of hedge funds have recently made changes to their positions in CCRN. SG Americas Securities LLC purchased a new position in Cross Country Healthcare in the third quarter worth $453,000. Raymond James & Associates acquired a new position in Cross Country Healthcare during the 3rd quarter valued at about $2,097,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Cross Country Healthcare by 305.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,570 shares of the business services provider’s stock valued at $584,000 after buying an additional 17,762 shares during the last quarter. TD Asset Management Inc boosted its holdings in Cross Country Healthcare by 87.0% in the third quarter. TD Asset Management Inc now owns 14,400 shares of the business services provider’s stock worth $357,000 after acquiring an additional 6,700 shares in the last quarter. Finally, Paradiem LLC grew its stake in shares of Cross Country Healthcare by 5.0% during the third quarter. Paradiem LLC now owns 131,989 shares of the business services provider’s stock worth $3,272,000 after acquiring an additional 6,341 shares during the last quarter. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Cross Country Healthcare Price Performance

The stock has a market cap of $557.02 million, a price-to-earnings ratio of 12.32, a P/E/G ratio of 2.17 and a beta of 0.77. The company’s fifty day moving average price is $17.90 and its 200-day moving average price is $19.95.

Cross Country Healthcare (NASDAQ:CCRN) last posted its quarterly earnings data 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. Cross Country Healthcare had a net margin of 2.58% and a return on equity of 11.69%. The firm had revenue of $379.17 million for the quarter, compared to the consensus estimate of $374.38 million. During the same quarter in the prior year, the company posted $0.84 earnings per share. The company’s revenue for the quarter was down 39.1% compared to the same quarter last year. On average, sell-side analysts forecast that Cross Country Healthcare, Inc. will post 0.77 earnings per share for the current fiscal 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.