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

Key Points

• Citizens JMP downgraded Cross Country Healthcare from “strong-buy” to “hold,” and several other analysts also turned more cautious, with the consensus rating now at “Reduce” and an average price target of $12.31.
• The stock is trading above recent analyst targets, opening at $13.18 versus a consensus target below that level, while Wedbush cut its target to $13.25, suggesting limited upside after the recent rally.
• Recent operating results were mixed but better than expected: Cross Country Healthcare posted a smaller-than-expected Q1 loss and revenue that beat estimates, but the company remains unprofitable with negative margins.

Cross Country Healthcare (NASDAQ:CCRN - Get Free Report) was downgraded by equities research analysts at Citizens Jmp from a "strong-buy" rating to a "hold" rating in a note issued to investors on Thursday,Zacks.com reports.

Several other equities analysts have also weighed in on CCRN. Benchmark reiterated a "hold" rating on shares of Cross Country Healthcare in a report on Friday. Wedbush downgraded shares of Cross Country Healthcare from an "outperform" rating to a "hold" rating and cut their price target for the stock from $15.00 to $13.25 in a report on Thursday. Citigroup downgraded shares of Cross Country Healthcare from a "market outperform" rating to a "market perform" rating in a report on Thursday. Cross Research set a $14.00 price target on shares of Cross Country Healthcare in a report on Thursday, March 5th. Finally, Zacks Research upgraded Cross Country Healthcare from a "strong sell" rating to a "hold" rating in a research report on Monday, January 19th. Eight investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cross Country Healthcare currently has a consensus rating of "Reduce" and a consensus target price of $12.31.

Cross Country Healthcare Price Performance

CCRN stock opened at $13.18 on Thursday. The business has a 50 day simple moving average of $9.69 and a 200-day simple moving average of $9.66. The firm has a market capitalization of $424.40 million, a PE ratio of -4.32, a price-to-earnings-growth ratio of 13.78 and a beta of 0.35. Cross Country Healthcare has a 1 year low of $7.43 and a 1 year high of $14.99.

Cross Country Healthcare (NASDAQ:CCRN - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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. On average, equities research analysts expect that Cross Country Healthcare will post 0.09 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CCRN. BNP Paribas Financial Markets boosted its stake in Cross Country Healthcare by 50.0% during the second quarter. BNP Paribas Financial Markets now owns 3,424 shares of the business services provider's stock worth $45,000 after buying an additional 1,142 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Cross Country Healthcare during the fourth quarter worth about $46,000. Tower Research Capital LLC TRC boosted its stake in Cross Country Healthcare by 422.0% during the second quarter. Tower Research Capital LLC TRC now owns 3,586 shares of the business services provider's stock worth $47,000 after buying an additional 2,899 shares during the period. Graham Capital Management L.P. purchased a new position in Cross Country Healthcare during the fourth quarter worth about $83,000. Finally, AXQ Capital LP purchased a new position in Cross Country Healthcare during the fourth quarter worth about $109,000. Hedge funds and other institutional investors own 96.03% of the company's stock.

Trending Headlines about Cross Country Healthcare

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.

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