Zacks Investment Research Downgrades Cross Country Healthcare, Inc. (CCRN) to Sell

Cross Country Healthcare, Inc. (NASDAQ:CCRN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

According to Zacks, “Cross Country, Inc. is a provider of healthcare staffing services. They also provide staffing of clinical research professionals and allied healthcare professionals, such as radiology technicians, rehabilitation therapists and respiratory therapists. Their staffing operations are complemented by other human capital management services, including search and recruitment, consulting, education and training and resource management services. “

CCRN has been the subject of a number of other research reports. Benchmark Co. decreased their target price on shares of Cross Country Healthcare from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, August 3rd. BidaskClub cut shares of Cross Country Healthcare from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. TheStreet raised shares of Cross Country Healthcare from a “c+” rating to a “b” rating in a research report on Wednesday, September 27th. Finally, UBS AG reissued a “buy” rating and set a $15.00 target price (down previously from $16.50) on shares of Cross Country Healthcare in a research report on Wednesday, June 14th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $15.64.

Shares of Cross Country Healthcare (NASDAQ:CCRN) traded up 0.49% during midday trading on Tuesday, hitting $14.24. 33,820 shares of the company traded hands. Cross Country Healthcare has a 52 week low of $10.88 and a 52 week high of $16.38. The company has a 50-day moving average price of $12.85 and a 200-day moving average price of $12.83. The stock has a market capitalization of $519.67 million, a P/E ratio of 52.55 and a beta of 0.84.

Cross Country Healthcare (NASDAQ:CCRN) last posted its earnings results on Wednesday, August 2nd. The business services provider reported $0.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.07. Cross Country Healthcare had a net margin of 1.06% and a return on equity of 12.78%. The company had revenue of $209.31 million during the quarter, compared to analysts’ expectations of $209.92 million. During the same quarter in the prior year, the company posted $0.16 earnings per share. Cross Country Healthcare’s revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts anticipate that Cross Country Healthcare will post $0.61 earnings per share for the current fiscal year.

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In other Cross Country Healthcare news, insider William J. Grubbs sold 49,113 shares of the firm’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $12.16, for a total value of $597,214.08. Following the completion of the transaction, the insider now owns 395,188 shares of the company’s stock, valued at $4,805,486.08. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 4.20% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its holdings in shares of Cross Country Healthcare by 4.1% in the first quarter. Wellington Management Group LLP now owns 4,077,922 shares of the business services provider’s stock worth $58,559,000 after buying an additional 159,688 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Cross Country Healthcare by 4.7% in the second quarter. Vanguard Group Inc. now owns 1,919,676 shares of the business services provider’s stock worth $24,783,000 after buying an additional 86,718 shares during the last quarter. Benefit Street Partners LLC raised its holdings in shares of Cross Country Healthcare by 30.9% in the second quarter. Benefit Street Partners LLC now owns 1,544,440 shares of the business services provider’s stock worth $19,939,000 after buying an additional 364,229 shares during the last quarter. Simcoe Capital Management LLC raised its holdings in shares of Cross Country Healthcare by 120.9% in the second quarter. Simcoe Capital Management LLC now owns 1,227,590 shares of the business services provider’s stock worth $15,848,000 after buying an additional 671,885 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Cross Country Healthcare by 9.8% in the second quarter. State Street Corp now owns 876,998 shares of the business services provider’s stock worth $11,323,000 after buying an additional 78,451 shares during the last quarter. 95.52% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Cross Country Healthcare (NASDAQ:CCRN)

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