Cross Country Healthcare (NASDAQ:CCRN) Posts Quarterly Earnings Results, Misses Expectations By $0.08 EPS

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) posted its quarterly earnings data on Wednesday, August 6th. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.08), Zacks reports. The company had revenue of $274.07 million during the quarter, compared to the consensus estimate of $292.67 million. Cross Country Healthcare had a negative net margin of 0.70% and a positive return on equity of 1.72%.

Cross Country Healthcare Stock Performance

CCRN traded up $0.13 during trading on Wednesday, hitting $12.89. 67,660 shares of the stock were exchanged, compared to its average volume of 343,312. The firm has a 50 day simple moving average of $13.08 and a 200 day simple moving average of $14.58. The firm has a market cap of $422.24 million, a price-to-earnings ratio of -49.62, a P/E/G ratio of 5.51 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.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Creative Planning bought a new stake in Cross Country Healthcare during the 2nd quarter valued at $367,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cross Country Healthcare by 7.9% during the 1st 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 in the last quarter. JPMorgan Chase & Co. boosted its position 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 valued at $2,694,000 after acquiring an additional 97,962 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Cross Country Healthcare by 56.9% during the 1st 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 in the last quarter. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CCRN has been the subject of several analyst reports. Wall Street Zen raised Cross Country Healthcare to a "hold" rating in a research note on Saturday. Barrington Research reaffirmed a "market perform" rating and issued a $18.61 price objective on shares of Cross Country Healthcare in a research note on Tuesday, June 17th. Finally, UBS Group cut their target price on Cross Country Healthcare from $18.61 to $16.50 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating, According to MarketBeat, Cross Country Healthcare presently has a consensus rating of "Hold" and a consensus price target of $17.93.

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.