Cross Country Healthcare (NASDAQ:CCRN) Shares Gap Down After Analyst Downgrade

Cross Country Healthcare, Inc. (NASDAQ:CCRN)’s stock price gapped down before the market opened on Thursday after Benchmark lowered their price target on the stock from $21.00 to $19.00. The stock had previously closed at $17.90, but opened at $16.12. Benchmark currently has a buy rating on the stock. Cross Country Healthcare shares last traded at $16.59, with a volume of 161,197 shares trading hands.

CCRN has been the subject of a number of other research reports. Barrington Research dropped their price objective on Cross Country Healthcare from $26.00 to $24.00 and set an “outperform” rating for the company in a research report on Tuesday, February 27th. Truist Financial cut their price target on Cross Country Healthcare from $22.00 to $16.00 and set a “hold” rating for the company in a report on Thursday, February 22nd. Finally, TheStreet lowered Cross Country Healthcare from a “b-” rating to a “c+” rating in a research note on Friday, March 1st. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $21.33.

Insider Buying and Selling

In other Cross Country Healthcare news, insider Karen Mote sold 6,216 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $16.95, for a total transaction of $105,361.20. Following the transaction, the insider now owns 35,101 shares in the company, valued at $594,961.95. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 4.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Wasatch Advisors LP increased its stake in shares of Cross Country Healthcare by 74.3% in the fourth quarter. Wasatch Advisors LP now owns 2,193,604 shares of the business services provider’s stock worth $49,663,000 after buying an additional 934,841 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Cross Country Healthcare by 50.5% in the 4th quarter. Pacer Advisors Inc. now owns 2,489,580 shares of the business services provider’s stock valued at $56,364,000 after purchasing an additional 834,941 shares in the last quarter. LSV Asset Management lifted its position in shares of Cross Country Healthcare by 218.0% during the third quarter. LSV Asset Management now owns 343,678 shares of the business services provider’s stock worth $8,520,000 after purchasing an additional 235,600 shares during the last quarter. Kestrel Investment Management Corp acquired a new position in Cross Country Healthcare in the third quarter worth about $5,171,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Cross Country Healthcare by 80.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 401,887 shares of the business services provider’s stock valued at $9,963,000 after buying an additional 179,093 shares during the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Cross Country Healthcare Stock Down 0.4 %

The stock has a market cap of $578.12 million, a price-to-earnings ratio of 12.82, a PEG ratio of 1.95 and a beta of 0.77. The company has a 50 day simple moving average of $17.92 and a 200-day simple moving average of $20.03.

Cross Country Healthcare (NASDAQ:CCRN) last announced its quarterly earnings data on Wednesday, May 1st. The business services provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. Cross Country Healthcare had a return on equity of 11.67% and a net margin of 2.58%. The firm had revenue of $379.17 million for the quarter, compared to analysts’ expectations of $374.38 million. During the same period last year, the business posted $0.84 earnings per share. The firm’s revenue for the quarter was down 39.1% on a year-over-year basis. On average, equities research analysts expect that Cross Country Healthcare, Inc. will post 0.92 EPS for the current fiscal year.

About Cross Country Healthcare

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.