Cross Country Healthcare, Inc. (NASDAQ: CCRN) has received a consensus rating of “Reduce” from seven brokerages monitoring the company’s stock. According to MarketBeat, one analyst has assigned a sell rating while six others have opted for a hold rating. The average target price over the next twelve months, as updated by analysts in the past year, is approximately $17.91.
Several brokerage reports have emerged concerning Cross Country Healthcare’s performance. On October 8, 2023, Weiss Ratings reiterated its “sell (d)” rating for the company. Conversely, Wall Street Zen upgraded its recommendation to “hold” on August 9, 2023.
Recent Earnings Performance
Cross Country Healthcare reported its quarterly earnings on August 6, 2023. The business services provider posted 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, which was below the anticipated $292.67 million. The company experienced a negative net margin of 0.70% but achieved a positive return on equity of 1.72%. Analysts forecast that Cross Country Healthcare will achieve an EPS of $0.53 for the current fiscal year.
Institutional Investor Activity
A number of hedge funds have recently adjusted their positions in Cross Country Healthcare. Notably, Alliancebernstein L.P. increased its holdings by 82.4% during the first quarter, now owning 2,343,484 shares valued at approximately $34.89 million. Similarly, Alpine Associates Management Inc. raised its stake by 115.6%, acquiring 1,252,524 shares worth $18.65 million.
Goldman Sachs Group Inc. enhanced its position by 56.9%, bringing its total to 1,095,178 shares valued at $16.31 million. Additionally, Pacer Advisors Inc. entered the market with a new position valued at around $5.85 million, while HSBC Holdings PLC increased its stakes by 91.8%, now owning 793,258 shares valued at $11.86 million.
Institutional investors collectively hold 96.03% of Cross Country Healthcare’s stock, indicating strong interest from major financial entities.
Cross Country Healthcare, Inc. specializes in providing talent management and consultative services for healthcare clients across the United States. The company’s diverse offerings include staffing solutions for nurses and allied professionals, as well as managed services programs and education services.
As the company navigates its recent challenges, investors and analysts alike will be keenly observing future developments and performance metrics.
