Benchmark Reaffirms Hold Rating for Cross Country Healthcare (NASDAQ:CCRN)

Cross Country Healthcare (NASDAQ:CCRN)‘s stock had its “hold” rating restated by research analysts at Benchmark in a research note issued to investors on Friday,Benzinga reports.

Several other equities research analysts have also recently issued reports on the stock. Citigroup cut shares of Cross Country Healthcare from a “market outperform” rating to a “market perform” rating in a research report on Thursday. Wedbush cut shares of Cross Country Healthcare from an “outperform” rating to a “hold” rating and reduced their price target for the stock from $15.00 to $13.25 in a research report on Thursday. 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. Weiss Ratings restated a “sell (e+)” rating on shares of Cross Country Healthcare in a research report on Friday, March 27th. Finally, Cross Research set a $14.00 price target on shares of Cross Country Healthcare in a research report on Thursday, March 5th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $12.31.

Cross Country Healthcare Stock Performance

Shares of Cross Country Healthcare stock traded up $0.08 on Friday, hitting $13.17. 1,510,004 shares of the company traded hands, compared to its average volume of 569,366. The stock has a market capitalization of $423.91 million, a P/E ratio of -4.49, a price-to-earnings-growth ratio of 10.64 and a beta of 0.35. Cross Country Healthcare has a 52 week low of $7.43 and a 52 week high of $14.99. 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 (NASDAQ:CCRN) last released 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 firm had revenue of $241.06 million for the quarter, compared to analysts’ expectations of $236.84 million. Cross Country Healthcare had a negative net margin of 9.00% and a positive return on equity of 0.13%. Research analysts expect that Cross Country Healthcare will post 0.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CCRN. Goldman Sachs Group Inc. increased its position in Cross Country Healthcare by 56.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,095,178 shares of the business services provider’s stock valued at $16,307,000 after acquiring an additional 397,216 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Cross Country Healthcare by 7.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 115,823 shares of the business services provider’s stock valued at $1,725,000 after acquiring an additional 8,490 shares during the last quarter. Creative Planning purchased a new stake in shares of Cross Country Healthcare during the second quarter valued at $367,000. JPMorgan Chase & Co. boosted its stake in shares of Cross Country Healthcare by 90.3% during the second quarter. JPMorgan Chase & Co. now owns 206,438 shares of the business services provider’s stock valued at $2,694,000 after purchasing an additional 97,962 shares during the period. Finally, First Trust Advisors LP boosted its stake 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 valued at $1,299,000 after purchasing an additional 3,486 shares during the period. Institutional investors own 96.03% of the company’s stock.

Key Cross Country Healthcare News

Here are the key news stories impacting Cross Country Healthcare this week:

• Positive Sentiment: Definitive buyout: Cross Country agreed to be acquired by private equity firm Knox Lane for $13.25 per share in an all-cash transaction valued at about $437 million — this puts a concrete floor on the stock near the deal price and drove the intraday rally. BusinessWire Deal Announcement
• Positive Sentiment: Q1 results modestly beat expectations: Cross Country reported a $0.03 loss per share vs. a $0.05 expected loss and revenue of $241.1M vs. $236.8M consensus — the beats support near-term business stability and likely helped calm investor reaction to the privatization. Zacks Q1 Coverage
• Neutral Sentiment: Volatility and trading halt: Trading was briefly halted after the buyout news and volume has spiked as investors reprice the stock to the $13.25 offer; that increases short-term volatility but is typical around M&A announcements. Investing.com Coverage of Surge
• Negative Sentiment: Analyst reaction: Wedbush downgraded CCRN from “outperform” to “hold” and cut its price target to $13.25 — effectively pricing the stock at the deal value and signaling limited upside unless a higher bidder emerges or the deal terms change. MSN / Wedbush Note
• Negative Sentiment: Investor view urging to sell: Commentary pieces (e.g., Seeking Alpha) interpret the merger as a shareholder exit opportunity and recommend locking in profits now, which could add selling pressure into the offer level. Seeking Alpha Opinion

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.