Cross Country Healthcare (NASDAQ:CCRN) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Cross Country Healthcare (NASDAQ:CCRN) released its quarterly earnings data on Thursday. The business services provider reported ($0.03) earnings per share for the quarter, beating 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 company had revenue of $241.06 million during the quarter, compared to analysts’ expectations of $237.07 million.

Cross Country Healthcare Stock Up 0.7%

NASDAQ:CCRN traded up $0.09 during trading hours on Friday, reaching $13.18. 1,809,683 shares of the stock were exchanged, compared to its average volume of 620,874. Cross Country Healthcare has a twelve month low of $7.43 and a twelve month high of $14.99. The business has a 50-day moving average of $9.69 and a two-hundred day moving average of $9.66. The company has a market capitalization of $424.40 million, a price-to-earnings ratio of -4.32, a PEG ratio of 13.78 and a beta of 0.35.

Hedge Funds Weigh In On Cross Country Healthcare

Several institutional investors have recently bought and sold shares of CCRN. Goldman Sachs Group Inc. lifted its position in shares of 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 worth $16,307,000 after purchasing an additional 397,216 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Cross Country Healthcare by 7.9% in 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 purchasing an additional 8,490 shares during the period. Creative Planning purchased a new stake in Cross Country Healthcare during the 2nd quarter worth approximately $367,000. JPMorgan Chase & Co. increased its stake in Cross Country Healthcare by 90.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 206,438 shares of the business services provider’s stock worth $2,694,000 after buying an additional 97,962 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Cross Country Healthcare by 3.6% during the 2nd quarter. First Trust Advisors LP now owns 99,560 shares of the business services provider’s stock worth $1,299,000 after buying an additional 3,486 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on CCRN. Wedbush cut 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 report on Thursday. Zacks Research raised Cross Country Healthcare from a “strong sell” rating to a “hold” rating in a research note on Monday, January 19th. Citizens Jmp cut Cross Country Healthcare from a “strong-buy” rating to a “hold” rating in a report on Thursday. Benchmark reaffirmed a “hold” rating on shares of Cross Country Healthcare in a research note on Friday. Finally, Cross Research set a $14.00 price target on Cross Country Healthcare in a report on Thursday, March 5th. Eight investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average 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

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.