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Should You Sell Cross Country Healthcare (CCRN) Stock Now?

Rhizome Partners, an investment management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund generated a 4.8% net loss compared to a 4.9% loss for the S&P 500 Index and a 10.8% loss for the National Association of Real Estate Investment Trusts (NAREIT). The hedging efforts of the fund generated a gain of 2.9% during the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Rhizome Partners highlighted stocks like Cross Country Healthcare, Inc. (NASDAQ:CCRN) in its Q3 2022 investor letter. Headquartered in Boca Raton, Florida, Cross Country Healthcare, Inc. (NASDAQ:CCRN) provides consultation services for healthcare clients. On December 6, 2022, Cross Country Healthcare, Inc. (NASDAQ:CCRN) stock closed at $33.52 per share. One-month return of Cross Country Healthcare, Inc. (NASDAQ:CCRN) was -1.35% and its shares gained 32.44% of their value over the last 52 weeks. Cross Country Healthcare, Inc. (NASDAQ:CCRN) has a market capitalization of $1.25 billion.

Rhizome Partners made the following comment about Cross Country Healthcare, Inc. (NASDAQ:CCRN) in its Q3 2022 investor letter:

“We also exited more than half of our position in Cross Country Healthcare, Inc. (NASDAQ:CCRN). We exited at an average of $27.29 per share, or almost 14 times normalized earnings per share. Although this is still a reasonable price for an asset-light business, we believe there are better opportunities in the current market. In addition, there are still questions about whether hospitals are staffed with too many travel nurses due to Covid, which results in elevated operating expenses. There is some risk to our normalized earnings figure.”

17 Countries With Universal Health Care in 2017
17 Countries With Universal Health Care in 2017


Cross Country Healthcare, Inc. (NASDAQ:CCRN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Cross Country Healthcare, Inc. (NASDAQ:CCRN) at the end of the third quarter, which was 15 in the previous quarter.

We discussed Cross Country Healthcare, Inc. (NASDAQ:CCRN) in another article and shared Aristotle Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.


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Disclosure: None. This article is originally published at Insider Monkey.