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New 52-Week Low Could Prompt More Insider Buying At CCRN

By Market News Video Staff, Tuesday, December 18, 4:08 PM ET
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In trading on Tuesday, shares of Cross Country Healthcare Inc (NASDAQ:CCRN) touched a new 52-week low of $7.32/share. That's a $6.99 share price drop, or -48.85% decline from the 52-week high of $14.31 set back on 01/29/2018. Large percentage drops always require that the stock post even larger percentage gains from the low in order to recover the old price point, and for CCRN that means the stock would have to gain 95.49% to get back to the 52-week high. For a move like that, Cross Country Healthcare Inc would need fundamental strength at the business level.

Here's a rhetorical question: Who knows more about fundamentals at the business level than the company's own insiders? So let's take a look to see whether any company insiders were taking the other side of the trade as CCRN shares were being sold down to this new 52-week low, focusing on the most recent trailing six month period. As summarized by the table below, CCRN has seen 4 different instances of insiders buying over the past six months.

Purchased Insider Title Shares Price/Share Value
08/08/2018 Thomas C. Dircks Director 11,000 $9.07 $99,770.00
08/08/2018 William J. Grubbs President and CEO 10,000 $8.93 $89,300.00
08/10/2018 Joseph Trunfio Director 10,650 $9.43 $100,429.50
08/16/2018 Buffy S. White President, Travel Division 500 $9.25 $4,625.00
09/07/2018 Buffy S. White Pres. - Travel Nurse & Allied 100 $9.50 $950.00

In the short run, while the new 52-week low suggests the stock is at the cheapest price and perhaps therefore the best bargain it has been over the last 52 weeks, the low print also means anyone who has purchased the stock over that timeframe is staring at an unrealized loss. Oftentimes, that factor drives a stock's technical analysis metrics by creating overhead resistance, with investors who bought higher now anxious to reverse their trade once they are back to breakeven. The chart below shows where CCRN has traded over the past year, with the 50-day and 200-day moving averages included.

Cross Country Healthcare Inc Moving Averages Chart

Time will tell whether the insider purchases foretell a future rebound for CCRN shares, which are presently showing a last trade of $7.49/share, slightly above the new 52-week low.


This Article's Word Cloud:   Allied   Bargains   Buffy   CCRN   Cheaper   Country   Cross   Dircks   Director   Division   Grubbs   Healthcare   Here   Insider   Insiders   Joseph   Large   Nurse   Oftentimes   Pres   President   Price   Purchased   Share   Travel   White   back   below   business   company   from   high   insiders   last   level   means   over   past   percentage   price   share   shares   stock   that   trade   week   were   whether   with   would
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