Cross Country Healthcare, Inc. (NASDAQ:CCRN) Given Average Rating of “Reduce” by Analysts

Shares of Cross Country Healthcare, Inc. (NASDAQ:CCRN) have been given an average rating of “Reduce” by the nine research firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and eight have issued a hold recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $12.3138.

Several equities analysts recently issued reports on CCRN shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Cross Country Healthcare in a report on Friday, March 27th. Benchmark reissued a “hold” rating on shares of Cross Country Healthcare in a report on Friday. Citizens Jmp lowered shares of Cross Country Healthcare from a “strong-buy” rating to a “hold” rating in a report on Thursday. Citigroup lowered shares of Cross Country Healthcare from a “market outperform” rating to a “market perform” rating in a report on Thursday. Finally, Zacks Research raised shares of Cross Country Healthcare from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th.

Cross Country Healthcare Stock Performance

Shares of NASDAQ:CCRN opened at $13.18 on Friday. The firm 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 firm’s 50 day simple moving average is $9.69 and its 200-day simple moving average is $9.66. Cross Country Healthcare has a one year low of $7.43 and a one year high of $14.99.

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, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $241.06 million for the quarter, compared to analyst estimates of $237.07 million. Cross Country Healthcare had a negative net margin of 9.84% and a negative return on equity of 0.71%. Equities research analysts predict that Cross Country Healthcare will post 0.09 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Cross Country Healthcare

Several institutional investors have recently bought and sold shares of CCRN. JPMorgan Chase & Co. boosted its stake in Cross Country Healthcare by 42.8% in the third quarter. JPMorgan Chase & Co. now owns 294,845 shares of the business services provider’s stock valued at $4,187,000 after acquiring an additional 88,407 shares in the last quarter. Vestcor Inc grew its holdings in shares of Cross Country Healthcare by 2,452.7% during the third quarter. Vestcor Inc now owns 61,519 shares of the business services provider’s stock valued at $874,000 after buying an additional 59,109 shares during the last quarter. Burren Capital Advisors Ltd purchased a new stake in shares of Cross Country Healthcare during the third quarter valued at $298,000. Fifth Lane Capital LP purchased a new stake in shares of Cross Country Healthcare during the third quarter valued at $711,000. Finally, Dana Investment Advisors Inc. grew its holdings in shares of Cross Country Healthcare by 4.3% during the third quarter. Dana Investment Advisors Inc. now owns 589,096 shares of the business services provider’s stock valued at $8,365,000 after buying an additional 24,099 shares during the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

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.