Cross Country Healthcare (NASDAQ:CCRN) Releases Earnings Results, Beats Estimates By $0.02 EPS

Cross Country Healthcare (NASDAQ:CCRN) issued its earnings results on Thursday. The business services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02, FiscalAI reports. The firm had revenue of $241.06 million during the quarter, compared to the consensus estimate of $236.84 million. Cross Country Healthcare had a negative net margin of 9.84% and a negative return on equity of 0.71%.

Cross Country Healthcare Stock Performance

NASDAQ CCRN traded up $0.09 during trading hours on Friday, hitting $13.18. The company had a trading volume of 1,809,683 shares, compared to its average volume of 620,874. Cross Country Healthcare has a 1-year low of $7.43 and a 1-year high of $14.99. The company has a market cap of $424.40 million, a PE ratio of -4.32, a price-to-earnings-growth ratio of 13.78 and a beta of 0.35. The business has a 50 day moving average of $9.69 and a 200-day moving average of $9.66.

Institutional Investors Weigh In On Cross Country Healthcare

Several large investors have recently modified their holdings of the company. Corient Private Wealth LLC acquired a new stake in shares of Cross Country Healthcare in the fourth quarter valued at approximately $121,000. XTX Topco Ltd purchased a new position in shares of Cross Country Healthcare during the fourth quarter worth about $454,000. Oxford Asset Management LLP purchased a new position in shares of Cross Country Healthcare during the fourth quarter worth about $158,000. Engineers Gate Manager LP grew its holdings in shares of Cross Country Healthcare by 289.2% during the fourth quarter. Engineers Gate Manager LP now owns 85,590 shares of the business services provider’s stock worth $693,000 after buying an additional 63,599 shares during the last quarter. Finally, Boothbay Fund Management LLC purchased a new position in shares of Cross Country Healthcare during the fourth quarter worth about $429,000. 96.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CCRN has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cross Country Healthcare in a report on Friday, March 27th. Wedbush downgraded Cross Country Healthcare from an “outperform” rating to a “hold” rating and lowered their price target for the company from $15.00 to $13.25 in a report on Thursday. Cross Research set a $14.00 price target on Cross Country Healthcare in a report on Thursday, March 5th. Benchmark reaffirmed a “hold” rating on shares of Cross Country Healthcare in a report on Friday. Finally, Citigroup downgraded Cross Country Healthcare from a “market outperform” rating to a “market perform” rating in a report on Thursday. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $12.31.

Key Cross Country Healthcare News

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

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.