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Cross Country (CCRN) Surges 13.5%: Is This an Indication of Further Gains?

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Cross Country Healthcare CCRN shares soared 13.5% in the last trading session to close at $16.11. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14.9% gain over the past four weeks.

The stock recorded this price increase in response to the company’s better-than-expected first-quarter 2021 results. Earnings of 58 cents per share beat the Zacks Consensus Estimate by 70.6%. Revenues of $392.2 million surpassed the consensus mark by 14.4%

Price and Consensus

Price Consensus Chart for CCRN
Price Consensus Chart for CCRN

This provider of health care staffing and workforce management services is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -18.8%. Revenues are expected to be $229.03 million, up 5.7% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Cross Country, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CCRN going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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