Cross Country Healthcare (NASDAQ:CCRN) Stock Price Down 4.1% After Analyst Downgrade

Shares of Cross Country Healthcare, Inc. (NASDAQ:CCRN) traded down 4.1% on Monday after Barrington Research lowered their price target on the stock from $24.00 to $21.00. Barrington Research currently has an outperform rating on the stock. Cross Country Healthcare traded as low as $15.98 and last traded at $15.98. 169,240 shares traded hands during trading, a decline of 62% from the average session volume of 448,589 shares. The stock had previously closed at $16.67.

Several other brokerages have also commented on CCRN. Truist Financial lowered their price objective on shares of Cross Country Healthcare from $22.00 to $16.00 and set a “hold” rating for the company in a report on Thursday, February 22nd. Benchmark cut their price objective on Cross Country Healthcare from $21.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Finally, TheStreet cut shares of Cross Country Healthcare from a “b-” rating to a “c+” rating in a research note on Friday, March 1st. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $20.83.

Insider Activity at Cross Country Healthcare

In related news, insider Karen Mote sold 6,216 shares of Cross Country Healthcare stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $16.95, for a total value of $105,361.20. Following the sale, the insider now directly owns 35,101 shares in the company, valued at $594,961.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 4.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CCRN. Gladius Capital Management LP raised its position in Cross Country Healthcare by 37.1% during the fourth quarter. Gladius Capital Management LP now owns 1,902 shares of the business services provider’s stock worth $43,000 after acquiring an additional 515 shares during the last quarter. SummerHaven Investment Management LLC boosted its holdings in Cross Country Healthcare by 2.0% in the 4th quarter. SummerHaven Investment Management LLC now owns 26,927 shares of the business services provider’s stock worth $610,000 after acquiring an additional 520 shares during the period. GAMMA Investing LLC acquired a new position in Cross Country Healthcare in the 4th quarter worth $28,000. SG Americas Securities LLC grew its stake in Cross Country Healthcare by 8.2% during the 4th quarter. SG Americas Securities LLC now owns 19,754 shares of the business services provider’s stock valued at $447,000 after purchasing an additional 1,493 shares in the last quarter. Finally, Truvestments Capital LLC raised its position in shares of Cross Country Healthcare by 26.1% in the 3rd quarter. Truvestments Capital LLC now owns 9,721 shares of the business services provider’s stock valued at $241,000 after purchasing an additional 2,013 shares in the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

Cross Country Healthcare Stock Up 2.6 %

The firm has a market cap of $571.68 million, a P/E ratio of 12.65, a price-to-earnings-growth ratio of 2.17 and a beta of 0.77. The business’s 50 day moving average is $17.86 and its 200-day moving average is $19.90.

Cross Country Healthcare (NASDAQ:CCRN) last announced its quarterly earnings data on Wednesday, May 1st. The business services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. Cross Country Healthcare had a return on equity of 11.69% and a net margin of 2.58%. The firm had revenue of $379.17 million for the quarter, compared to analysts’ expectations of $374.38 million. During the same quarter in the prior year, the firm posted $0.84 earnings per share. Cross Country Healthcare’s revenue for the quarter was down 39.1% compared to the same quarter last year. As a group, equities analysts predict that Cross Country Healthcare, Inc. will post 0.77 earnings per share for the current year.

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.