Shares of Cross Country Healthcare, Inc. (NASDAQ: CCRN) have garnered a consensus rating of “Reduce” from seven brokerages monitoring the company, according to data from MarketBeat. The assessment reflects a cautious outlook, with one analyst issuing a sell rating and six others assigning a hold designation for the stock. The average target price over the next twelve months stands at approximately $17.91.
Recent analyses have provided further insights into the company’s financial performance. On October 8, 2023, Weiss Ratings reaffirmed a “sell (d)” rating for Cross Country Healthcare’s shares. Conversely, on August 9, 2023, Wall Street Zen upgraded the stock to a “hold” rating, indicating a mix of sentiment among analysts.
Quarterly Earnings Report Highlights
Cross Country Healthcare recently released its quarterly earnings results on August 6, 2023. The business services provider reported earnings per share (EPS) of ($0.01), falling short of the consensus estimate of $0.07 by $0.08. Revenue for the quarter totaled $274.07 million, significantly below analysts’ expectations of $292.67 million. The company also reported a negative net margin of 0.70%, though it achieved a positive return on equity of 1.72%. Looking ahead, analysts predict that Cross Country Healthcare will post an EPS of 0.53 for the current fiscal year.
Institutional Trading Activity
The trading activity for Cross Country Healthcare has seen notable movements among institutional investors. During the first quarter, AllianceBernstein L.P. increased its holdings by 82.4%, acquiring an additional 1,058,544 shares, bringing its total to 2,343,484 shares valued at approximately $34.89 million. Similarly, Alpine Associates Management Inc. boosted its stake by 115.6%, now owning 1,252,524 shares valued at around $18.65 million.
Other significant movements include Goldman Sachs Group Inc., which raised its position by 56.9% with 1,095,178 shares worth about $16.31 million. Pacer Advisors Inc. entered a new position valued at approximately $5.85 million, while HSBC Holdings PLC increased its holdings by 91.8%, owning 793,258 shares worth around $11.86 million.
Institutional investors now control 96.03% of Cross Country Healthcare’s stock, indicating significant confidence from larger investment firms.
Cross Country Healthcare, Inc. specializes in talent management and consultative services for healthcare clients across the United States. Its offerings include nurse and allied staffing solutions, temporary and permanent placements, and various outsourcing services. As the company navigates market challenges, analysts and investors alike will be closely monitoring its performance in the coming quarters.
