Cross Country Healthcare (NASDAQ:CCRN) Share Price Passes Above Two Hundred Day Moving Average – Here’s Why

Cross Country Healthcare, Inc. (NASDAQ:CCRN) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $10.13 and traded as high as $13.22. Cross Country Healthcare shares last traded at $13.21, with a volume of 218,796 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have commented on CCRN. Citizens Jmp downgraded shares of Cross Country Healthcare from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 7th. Cross Research set a $14.00 price target on shares of Cross Country Healthcare in a research report on Thursday, March 5th. Citigroup cut Cross Country Healthcare from a “market outperform” rating to a “market perform” rating in a research note on Thursday, May 7th. Wedbush downgraded shares of Cross Country Healthcare from an “outperform” rating to a “hold” rating and decreased their price target for the stock from $15.00 to $13.25 in a research note on Thursday, May 7th. Finally, Benchmark cut Cross Country Healthcare from a “buy” rating to a “hold” rating in a research report on Friday, May 8th. Nine research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $12.05.

Cross Country Healthcare Trading Down 0.1%

The stock has a market cap of $426.49 million, a price-to-earnings ratio of -4.33, a PEG ratio of 14.28 and a beta of 0.45. The stock’s 50 day moving average is $12.49 and its two-hundred day moving average is $10.16.

Cross Country Healthcare (NASDAQ:CCRN) last issued its quarterly earnings data on Thursday, May 7th. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. Cross Country Healthcare had a negative net margin of 9.84% and a negative return on equity of 0.74%. The company had revenue of $241.06 million for the quarter, compared to the consensus estimate of $237.06 million. On average, sell-side analysts predict that Cross Country Healthcare, Inc. will post 0.09 EPS for the current year.

Hedge Funds Weigh In On Cross Country Healthcare

Several institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. lifted its position in Cross Country Healthcare by 4.0% during the 2nd quarter. Alliancebernstein L.P. now owns 2,438,282 shares of the business services provider’s stock worth $31,820,000 after acquiring an additional 94,798 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Cross Country Healthcare by 56.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,095,178 shares of the business services provider’s stock valued at $16,307,000 after purchasing an additional 397,216 shares during the period. Quinn Opportunity Partners LLC purchased a new stake in shares of Cross Country Healthcare during the fourth quarter worth approximately $8,470,000. Dana Investment Advisors Inc. raised its stake in shares of Cross Country Healthcare by 71.2% during the fourth quarter. Dana Investment Advisors Inc. now owns 1,008,525 shares of the business services provider’s stock worth $8,169,000 after purchasing an additional 419,429 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Cross Country Healthcare by 28.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 969,458 shares of the business services provider’s stock worth $7,853,000 after purchasing an additional 211,925 shares during the period. Institutional investors and hedge funds own 96.03% of the company’s stock.

About Cross Country Healthcare

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.