Cross Country Healthcare (NASDAQ:CCRN) Announces Earnings Results

Cross Country Healthcare (NASDAQ:CCRN) released 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. Cross Country Healthcare had a negative net margin of 9.84% and a negative return on equity of 0.71%. The firm had revenue of $241.06 million during the quarter, compared to analyst estimates of $236.84 million.

Cross Country Healthcare Stock Performance

NASDAQ:CCRN traded up $0.09 on Friday, reaching $13.18. The company’s stock 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 firm has a market cap of $424.40 million, a PE ratio of -4.32, a PEG ratio of 13.78 and a beta of 0.35. The business’s 50-day moving average price is $9.69 and its two-hundred day moving average price is $9.66.

Analyst Ratings Changes

A number of research firms have commented on CCRN. Wedbush lowered shares of Cross Country Healthcare from an “outperform” rating to a “hold” rating and lowered their target price for the stock from $15.00 to $13.25 in a report on Thursday. Cross Research set a $14.00 target price on shares of Cross Country Healthcare in a report on Thursday, March 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cross Country Healthcare in a research report on Friday, March 27th. Zacks Research upgraded shares of Cross Country Healthcare from a “strong sell” rating to a “hold” rating in a research report on Monday, January 19th. Finally, Citigroup downgraded shares of Cross Country Healthcare from a “market outperform” rating to a “market perform” rating in a research report on Thursday. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Cross Country Healthcare currently has an average rating of “Hold” and an average price target of $12.31.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CCRN. Walleye Capital LLC acquired a new stake in shares of Cross Country Healthcare during the fourth quarter worth $2,055,000. Russell Investments Group Ltd. raised its holdings in shares of Cross Country Healthcare by 1,413.6% during the fourth quarter. Russell Investments Group Ltd. now owns 250,069 shares of the business services provider’s stock worth $2,026,000 after acquiring an additional 233,547 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Cross Country Healthcare by 5.7% during the fourth quarter. Renaissance Technologies LLC now owns 214,600 shares of the business services provider’s stock worth $1,738,000 after acquiring an additional 11,600 shares during the period. Moore Capital Management LP raised its holdings in shares of Cross Country Healthcare by 249.9% during the second quarter. Moore Capital Management LP now owns 105,100 shares of the business services provider’s stock worth $1,372,000 after acquiring an additional 75,061 shares during the period. Finally, First Trust Advisors LP raised its holdings in shares of Cross Country Healthcare by 3.6% during the second quarter. First Trust Advisors LP now owns 99,560 shares of the business services provider’s stock worth $1,299,000 after acquiring an additional 3,486 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

Cross Country Healthcare News Summary

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.