Cross Country Healthcare (NASDAQ:CCRN) Rating Lowered to “Hold” at Citizens Jmp

Cross Country Healthcare (NASDAQ:CCRN) was downgraded by research analysts at Citizens Jmp from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

CCRN has been the topic of a number of other research reports. Wedbush cut shares of Cross Country Healthcare from an “outperform” rating to a “hold” rating and cut their price objective for the company from $15.00 to $13.25 in a research report on Thursday. Weiss Ratings restated a “sell (e+)” rating on shares of Cross Country Healthcare in a report on Friday, March 27th. Citigroup cut shares of Cross Country Healthcare from a “market outperform” rating to a “market perform” rating in a research note on Thursday. Zacks Research raised shares of Cross Country Healthcare from a “strong sell” rating to a “hold” rating in a research report on Monday, January 19th. Finally, Benchmark reissued a “hold” rating on shares of Cross Country Healthcare in a research note on Friday. Eight research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $12.31.

Cross Country Healthcare Price Performance

NASDAQ:CCRN opened at $13.18 on Thursday. The firm has a market capitalization 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 business has a 50 day simple moving average of $9.69 and a 200-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.

Cross Country Healthcare (NASDAQ:CCRN) last released its earnings results on Thursday, May 7th. The business services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Cross Country Healthcare had a negative return on equity of 0.71% and a negative net margin of 9.84%.The firm had revenue of $241.06 million for the quarter, compared to the consensus estimate of $237.07 million. As a group, analysts expect that Cross Country Healthcare will post 0.09 earnings per share for the current fiscal year.

Institutional Trading of Cross Country Healthcare

Large investors have recently made changes to their positions in the stock. Alliancebernstein L.P. increased its stake in Cross Country Healthcare by 4.0% in the 2nd 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 period. Goldman Sachs Group Inc. grew its stake in 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 in the last quarter. Quinn Opportunity Partners LLC bought a new position in Cross Country Healthcare in the 4th quarter worth about $8,470,000. Dana Investment Advisors Inc. increased its position 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 acquiring an additional 419,429 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position 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 acquiring an additional 211,925 shares during the period. 96.03% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Cross Country Healthcare

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.