Cross Country Healthcare (NASDAQ:CCRN) Issues Quarterly Earnings Results

Key Points

• Cross Country Healthcare reported a quarterly earnings per share (EPS) of ($0.01), missing analyst expectations of $0.07, alongside revenues of $274.07 million compared to estimates of $292.67 million.
• Despite disappointing earnings, shares of Cross Country Healthcare rose 1.5% to reach $12.72, with institutional investors holding 96.03% of the company's stock.
• The stock has an average rating of "Hold" from analysts, with a consensus price target set at $17.93.

Cross Country Healthcare (NASDAQ:CCRN - Get Free Report) issued its quarterly earnings data on Wednesday. The business services provider reported ($0.01) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.08), Zacks reports. The company had revenue of $274.07 million for the quarter, compared to analyst estimates of $292.67 million. Cross Country Healthcare had a positive return on equity of 1.72% and a negative net margin of 0.70%.

Cross Country Healthcare Stock Up 1.5%

Shares of NASDAQ:CCRN traded up $0.19 during midday trading on Friday, reaching $12.72. The company had a trading volume of 264,126 shares, compared to its average volume of 275,337. The business's 50 day moving average price is $13.10 and its 200 day moving average price is $14.68. The stock has a market cap of $416.71 million, a PE ratio of -48.92, a P/E/G ratio of 4.07 and a beta of 0.35. Cross Country Healthcare has a 1-year low of $9.58 and a 1-year high of $18.33.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CCRN shares. Wall Street Zen initiated coverage on Cross Country Healthcare in a research note on Thursday, May 15th. They issued a "hold" rating on the stock. Barrington Research reiterated a "market perform" rating and set a $18.61 price objective on shares of Cross Country Healthcare in a report on Tuesday, June 17th. Finally, UBS Group decreased their price objective on Cross Country Healthcare from $18.61 to $16.50 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $17.93.

Institutional Trading of Cross Country Healthcare

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position 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 acquiring an additional 8,490 shares during the last quarter. Creative Planning acquired a new stake in shares of Cross Country Healthcare in the second quarter valued at about $367,000. Finally, Goldman Sachs Group Inc. increased its position in shares of 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 valued at $16,307,000 after acquiring an additional 397,216 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company's stock.

About Cross Country Healthcare

Cross Country Healthcare, Inc provides talent management and other consultative services for healthcare clients in the United States. The company's Nurse and Allied Staffing segment provides traditional staffing, recruiting, and value-added total talent solutions, including temporary and permanent placement of travel and local nurse and, allied professionals; temporary placement of healthcare leaders within nursing, allied, physician, and human resources; vendor neutral and managed services programs; education healthcare services; in-home care services; and outsourcing services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.