Cross Country Healthcare (NASDAQ:CCRN) Downgraded by Citizens Jmp to “Hold”

Cross Country Healthcare (NASDAQ:CCRN) was downgraded by stock analysts at Citizens Jmp from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Wedbush lowered shares of Cross Country Healthcare from an “outperform” rating to a “hold” rating and lowered their price objective for the company from $15.00 to $13.25 in a research note on Thursday. Weiss Ratings reissued a “sell (e+)” rating on shares of Cross Country Healthcare in a research note on Friday, March 27th. Cross Research set a $14.00 price objective on shares of Cross Country Healthcare in a research note on Thursday, March 5th. Benchmark reissued a “hold” rating on shares of Cross Country Healthcare in a research note on Friday. Finally, Zacks Research raised shares of Cross Country Healthcare from a “strong sell” rating to a “hold” rating in a research note on Monday, January 19th. Eight research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cross Country Healthcare currently has a consensus rating of “Reduce” and an average price target of $12.31.

Cross Country Healthcare Stock Up 0.7%

CCRN opened at $13.18 on Thursday. Cross Country Healthcare has a 52 week low of $7.43 and a 52 week high of $14.99. The business has a fifty day simple moving average of $9.69 and a 200-day simple moving average of $9.66. The firm has a market cap of $424.40 million, a P/E ratio of -4.32, a P/E/G ratio of 13.78 and a beta of 0.35.

Cross Country Healthcare (NASDAQ:CCRN) last released its quarterly earnings results on Thursday, May 7th. The business services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. Cross Country Healthcare had a negative return on equity of 0.71% and a negative net margin of 9.84%.The business had revenue of $241.06 million during the quarter, compared to analyst estimates of $237.07 million. Sell-side analysts expect that Cross Country Healthcare will post 0.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CCRN. Quinn Opportunity Partners LLC purchased a new position in Cross Country Healthcare in the fourth quarter worth approximately $8,470,000. Boston Partners purchased a new position in Cross Country Healthcare in the fourth quarter worth approximately $6,414,000. Dana Investment Advisors Inc. lifted its stake in Cross Country Healthcare by 71.2% in the fourth quarter. Dana Investment Advisors Inc. now owns 1,008,525 shares of the business services provider’s stock worth $8,169,000 after acquiring an additional 419,429 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Cross Country Healthcare by 56.9% in 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 acquiring an additional 397,216 shares during the last quarter. Finally, Royce & Associates LP purchased a new position in Cross Country Healthcare in the fourth quarter worth approximately $3,208,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.

More 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

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.