Shares of Cross Country Healthcare, Inc. (NASDAQ:CCRN) have received a consensus rating of “Reduce” from the seven brokerages monitoring the company, as reported by MarketBeat. The assessment reflects a challenging outlook, with one analyst issuing a sell rating and six others recommending a hold. The average target price for the stock over the next twelve months stands at approximately $17.91.
Recent reports from several brokerages have highlighted the stock’s difficulties. In a statement on October 8, 2023, Weiss Ratings reiterated its “sell (d)” rating for Cross Country Healthcare. Conversely, on August 9, 2023, Wall Street Zen upgraded the stock to a “hold” rating, reflecting a mixed sentiment among analysts.
Quarterly Earnings Report and Market Reactions
In its latest quarterly earnings announcement on August 6, 2023, Cross Country Healthcare reported earnings per share (EPS) of (0.01), falling short of the consensus estimate of $0.07 by $0.08. The company generated revenue of $274.07 million for the quarter, which was below analysts’ expectations of $292.67 million. This performance has contributed to a negative net margin of (0.70%), although the company reported a positive return on equity of 1.72%.
Analysts project that Cross Country Healthcare will achieve an EPS of 0.53 for the current fiscal year, indicating a cautious outlook moving forward.
Institutional Trading Activity
A significant portion of Cross Country Healthcare’s stock is held by institutional investors, who own approximately 96.03% of the company. Recent trading activity has seen several hedge funds adjust their positions. Notably, AllianceBernstein L.P. increased its holdings by 82.4% in the first quarter, acquiring an additional 1,058,544 shares and bringing its total ownership to 2,343,484 shares, valued at around $34.89 million.
Additionally, Alpine Associates Management Inc. raised its stake by 115.6%, now holding 1,252,524 shares worth approximately $18.65 million. Goldman Sachs Group Inc. also increased its position by 56.9%, owning 1,095,178 shares valued at about $16.31 million after acquiring an additional 397,216 shares.
Other institutional players, such as Pacer Advisors Inc. and HSBC Holdings PLC, have also made notable investments, indicating a trend of increased institutional interest despite the recent challenges faced by the company.
Cross Country Healthcare, based in the United States, provides talent management and consultative services for healthcare clients. Its offerings include traditional staffing, recruiting, and comprehensive talent solutions for healthcare professionals across various sectors.
As the company navigates its current challenges, analysts and investors will be keenly observing its performance in the upcoming quarters to gauge potential recovery and growth.
