AQR Arbitrage LLC Increases Stock Position in Cross Country Healthcare, Inc. $CCRN

Key Points

• AQR Arbitrage LLC increased its stake in Cross Country Healthcare by 28.8%, holding approximately 2.35% of the company with a value of $11.46 million after acquiring additional shares.
• Multiple hedge funds, including Wells Fargo and Susquehanna International Group, have also adjusted their positions in Cross Country Healthcare, showcasing significant institutional interest in the stock, which is currently owned by 96.03% of institutional investors.
• Cross Country Healthcare reported a negative EPS of ($0.01), missing expectations, and a revenue of $274.07 million, lower than the analyst estimate of $292.67 million.

AQR Arbitrage LLC raised its position in Cross Country Healthcare, Inc. (NASDAQ:CCRN - Free Report) by 28.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 769,552 shares of the business services provider's stock after acquiring an additional 172,017 shares during the quarter. AQR Arbitrage LLC owned approximately 2.35% of Cross Country Healthcare worth $11,459,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Longfellow Investment Management Co. LLC purchased a new position in shares of Cross Country Healthcare in the first quarter valued at about $59,000. AlphaQuest LLC raised its holdings in Cross Country Healthcare by 324.6% in the 1st quarter. AlphaQuest LLC now owns 8,297 shares of the business services provider's stock worth $124,000 after purchasing an additional 6,343 shares in the last quarter. Envestnet Asset Management Inc. bought a new position in Cross Country Healthcare in the 4th quarter worth $217,000. Nomura Holdings Inc. bought a new position in Cross Country Healthcare in the 1st quarter worth $232,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Cross Country Healthcare by 4.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,386 shares of the business services provider's stock worth $334,000 after purchasing an additional 817 shares in the last quarter. Hedge funds and other institutional investors own 96.03% of the company's stock.

Cross Country Healthcare Price Performance

CCRN stock traded up $0.50 during trading on Friday, hitting $14.10. 775,902 shares of the stock traded hands, compared to its average volume of 269,767. Cross Country Healthcare, Inc. has a 1 year low of $9.58 and a 1 year high of $18.33. The firm's 50 day moving average is $13.12 and its two-hundred day moving average is $13.99. The stock has a market cap of $461.92 million, a price-to-earnings ratio of -54.23, a price-to-earnings-growth ratio of 7.12 and a beta of 0.38.

Cross Country Healthcare (NASDAQ:CCRN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The business services provider reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.08). Cross Country Healthcare had a negative net margin of 0.70% and a positive return on equity of 1.72%. The firm had revenue of $274.07 million for the quarter, compared to analysts' expectations of $292.67 million. As a group, analysts anticipate that Cross Country Healthcare, Inc. will post 0.53 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on CCRN shares. Barrington Research restated a "market perform" rating and issued a $18.61 price objective on shares of Cross Country Healthcare in a report on Tuesday, June 17th. Wall Street Zen upgraded shares of Cross Country Healthcare to a "hold" rating in a research note on Saturday, August 9th. Finally, UBS Group decreased their price target on shares of Cross Country Healthcare from $18.61 to $16.50 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Six analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $17.93.

Cross Country Healthcare Profile

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.