Cross Country Healthcare (NASDAQ:CCRN) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Cross Country Healthcare (NASDAQ:CCRN) from a buy rating to a hold rating in a research note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Cross Country Healthcare, Inc. is a national leader in providing innovative healthcare workforce solutions and staffing services. Their diverse client base includes both clinical and nonclinical settings, servicing acute care hospitals, physician practice groups, outpatient and ambulatory-care centers, nursing facilities, both public schools and charter schools, rehabilitation and sports medicine clinics, government facilities, and homecare. They are able to place clinicians on travel and per diem assignments, local short-term contracts and permanent positions. They are a market leader in providing flexible workforce management solutions, which include managed services programs (MSP), internal resource pool consulting and development, electronic medical record (EMR) transition staffing, recruitment process outsourcing, predictive modeling and other outsourcing and consultative services. “

Other research analysts also recently issued research reports about the stock. Barrington Research set a $10.00 price target on shares of Cross Country Healthcare and gave the stock a buy rating in a research report on Monday, May 20th. BidaskClub upgraded shares of Cross Country Healthcare from a hold rating to a buy rating in a research report on Saturday, July 27th. Finally, ValuEngine upgraded shares of Cross Country Healthcare from a hold rating to a buy rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $10.00.

Shares of NASDAQ:CCRN opened at $9.25 on Friday. Cross Country Healthcare has a 52 week low of $6.75 and a 52 week high of $10.27. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.99 and a quick ratio of 2.08. The firm has a fifty day moving average price of $9.03. The firm has a market cap of $340.68 million, a P/E ratio of 77.08, a PEG ratio of 21.35 and a beta of 1.28.

Cross Country Healthcare (NASDAQ:CCRN) last issued its quarterly earnings results on Wednesday, July 31st. The business services provider reported $0.01 earnings per share (EPS) for the quarter. The business had revenue of $202.80 million for the quarter, compared to the consensus estimate of $199.46 million. Cross Country Healthcare had a negative net margin of 9.20% and a positive return on equity of 0.62%. The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 EPS. On average, equities research analysts predict that Cross Country Healthcare will post 0.07 earnings per share for the current fiscal year.

In related news, CEO Kevin Cronin Clark purchased 8,330 shares of Cross Country Healthcare stock in a transaction that occurred on Friday, June 14th. The shares were acquired at an average price of $8.00 per share, for a total transaction of $66,640.00. Following the transaction, the chief executive officer now directly owns 250,734 shares in the company, valued at $2,005,872. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.80% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of CCRN. BNP Paribas Arbitrage SA lifted its position in Cross Country Healthcare by 413.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,407 shares of the business services provider’s stock worth $52,000 after buying an additional 5,964 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in Cross Country Healthcare during the 4th quarter worth about $75,000. Metropolitan Life Insurance Co. NY lifted its position in Cross Country Healthcare by 399.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 11,861 shares of the business services provider’s stock worth $87,000 after buying an additional 9,486 shares in the last quarter. SG Americas Securities LLC lifted its position in Cross Country Healthcare by 62.9% during the 1st quarter. SG Americas Securities LLC now owns 19,422 shares of the business services provider’s stock worth $137,000 after buying an additional 7,502 shares in the last quarter. Finally, Laurion Capital Management LP lifted its position in Cross Country Healthcare by 39.6% during the 1st quarter. Laurion Capital Management LP now owns 21,514 shares of the business services provider’s stock worth $151,000 after buying an additional 6,108 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

About Cross Country Healthcare

Cross Country Healthcare, Inc provides healthcare staffing, recruiting, and workforce solutions in the United States. The company operates in three segments: Nurse and Allied Staffing, Physician Staffing, and Other Human Capital Management Services. The Nurse and Allied Staffing segment offers traditional staffing, including temporary and permanent placement of travel nurses and allied professionals, branch-based local nurses, and allied staffing; short-term staffing of registered nurses, licensed practical nurses, certified nurse assistants, practitioners, pharmacists, and other allied professionals on per diem and short-term assignments; and travel allied professionals on long-term contract assignments.

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