Cross Country Healthcare, Inc. (CCRN) Stock Price Up 8.1% After Better-Than-Expected Earnings

Cross Country Healthcare, Inc. (NASDAQ:CCRN) shares shot up 8.1% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $13.38 and last traded at $12.60, with a volume of 570,202 shares. The stock had previously closed at $11.66.

The business services provider reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.07. Cross Country Healthcare had a return on equity of 12.78% and a net margin of 1.06%. The company had revenue of $209.31 million during the quarter, compared to analysts’ expectations of $209.92 million. During the same period last year, the firm posted $0.16 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis.

Several analysts recently weighed in on the company. BMO Capital Markets dropped their price target on Cross Country Healthcare from $18.00 to $15.00 and set an “outperform” rating for the company in a report on Monday, May 15th. Zacks Investment Research cut Cross Country Healthcare from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. UBS AG reissued a “buy” rating and set a $15.00 price target (down from $16.50) on shares of Cross Country Healthcare in a report on Wednesday, June 14th. BidaskClub cut Cross Country Healthcare from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Finally, Benchmark Co. dropped their price target on Cross Country Healthcare from $18.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $15.64.

A number of institutional investors have recently bought and sold shares of CCRN. Algert Global LLC raised its position in Cross Country Healthcare by 5.0% in the first quarter. Algert Global LLC now owns 83,285 shares of the business services provider’s stock worth $1,196,000 after buying an additional 3,955 shares during the period. State Board of Administration of Florida Retirement System raised its position in Cross Country Healthcare by 135.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 62,688 shares of the business services provider’s stock worth $900,000 after buying an additional 36,042 shares during the period. Great West Life Assurance Co. Can raised its position in Cross Country Healthcare by 7.7% in the first quarter. Great West Life Assurance Co. Can now owns 50,094 shares of the business services provider’s stock worth $719,000 after buying an additional 3,566 shares during the period. Wells Fargo & Company MN raised its position in Cross Country Healthcare by 39.3% in the first quarter. Wells Fargo & Company MN now owns 2,622,171 shares of the business services provider’s stock worth $37,655,000 after buying an additional 740,106 shares during the period. Finally, Essex Investment Management Co. LLC raised its position in Cross Country Healthcare by 11.3% in the first quarter. Essex Investment Management Co. LLC now owns 106,610 shares of the business services provider’s stock worth $1,531,000 after buying an additional 10,809 shares during the period. Hedge funds and other institutional investors own 90.00% of the company’s stock.

The company has a 50-day moving average price of $12.37 and a 200-day moving average price of $13.39. The company has a market cap of $457.27 million, a PE ratio of 46.24 and a beta of 0.83.

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About Cross Country Healthcare

Cross Country Healthcare, Inc is engaged in providing healthcare recruiting, staffing, recruiting and workforce solutions. The Company operates in three segments: Nurse and Allied Staffing, Physician Staffing and Other Human Capital Management Services. The Nurse and Allied Staffing segment provides traditional staffing, including temporary and permanent placement of travel nurses and allied professionals, and branch-based local nurses and allied staffing.

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