Cross Country Healthcare (NASDAQ:CCRN) Stock Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Cross Country Healthcare shares moved above their 200-day moving average, trading as high as $13.24 versus the 200-day average of $10.55. The stock was up modestly on the session with volume of 213,259 shares.
• Recent analyst sentiment remains cautious: several firms cut ratings or trimmed targets, and the company now has a consensus “Reduce” rating with an average price target of $12.05.
• The company recently reported better-than-expected quarterly results, posting EPS of -$0.03 versus the -$0.05 estimate and revenue of $241.06 million versus $237.06 million expected.

Cross Country Healthcare, Inc. (NASDAQ:CCRN - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $10.55 and traded as high as $13.24. Cross Country Healthcare shares last traded at $13.24, with a volume of 213,259 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CCRN shares. Truist Financial boosted their price target on Cross Country Healthcare from $10.00 to $13.25 and gave the stock a "hold" rating in a research note on Monday, May 11th. Weiss Ratings lowered shares of Cross Country Healthcare from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, June 30th. Citigroup cut shares of Cross Country Healthcare from a "market outperform" rating to a "market perform" rating in a research note on Thursday, May 7th. Barrington Research reissued a "market perform" rating and set a $13.25 target price on shares of Cross Country Healthcare in a research report on Monday, June 8th. Finally, Wedbush lowered shares of Cross Country Healthcare from an "outperform" rating to a "hold" rating and cut their price target for the company from $15.00 to $13.25 in a research note on Thursday, May 7th. Nine analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $12.05.

Cross Country Healthcare Stock Up 0.2%

The stock has a market capitalization of $427.78 million, a PE ratio of -4.34, a PEG ratio of 14.29 and a beta of 0.45. The firm has a 50 day moving average price of $13.16 and a 200-day moving average price of $10.55.

Cross Country Healthcare (NASDAQ:CCRN - Get Free Report) last issued its earnings results on Thursday, May 7th. The business services provider reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.02. Cross Country Healthcare had a negative return on equity of 0.74% and a negative net margin of 9.84%.The firm had revenue of $241.06 million for the quarter, compared to analyst estimates of $237.06 million. Equities analysts expect that Cross Country Healthcare, Inc. will post 0.09 earnings per share for the current fiscal year.

Institutional Trading of Cross Country Healthcare

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE raised its stake in shares of Cross Country Healthcare by 69.0% during the 1st quarter. Bank of America Corp DE now owns 579,937 shares of the business services provider's stock valued at $5,451,000 after buying an additional 236,721 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Cross Country Healthcare by 44.1% in the first quarter. Royal Bank of Canada now owns 48,851 shares of the business services provider's stock worth $459,000 after buying an additional 14,950 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of Cross Country Healthcare by 43.1% in the first quarter. Quantinno Capital Management LP now owns 71,740 shares of the business services provider's stock worth $674,000 after buying an additional 21,606 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Cross Country Healthcare by 67.2% during the first quarter. Lazard Asset Management LLC now owns 58,168 shares of the business services provider's stock worth $547,000 after acquiring an additional 23,374 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Cross Country Healthcare by 14.4% during the first quarter. Renaissance Technologies LLC now owns 245,400 shares of the business services provider's stock worth $2,307,000 after acquiring an additional 30,800 shares during the period. Institutional investors and hedge funds own 96.03% of the company's stock.

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.

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