AMN Healthcare Services Upgraded to Hold Amid Analyst Ratings Shift
AMN Healthcare Services (NYSE:AMN) received an upgrade from Zacks Research, moving from a “strong sell” to a “hold” rating. This change was reported on November 6, 2023, and reflects a broader trend in how analysts are viewing the company’s stock. Alongside this upgrade, several other financial institutions have adjusted their target prices and ratings for AMN Healthcare.
On the same day as the Zacks upgrade, Citizens JMP raised their price target for AMN Healthcare Services from $22.00 to $24.00 and assigned a “market outperform” rating. This followed a contrasting move by JMP Securities, which had previously reduced its price target from $33.00 to $22.00 while maintaining a “market outperform” rating.
In another update, UBS Group increased their target price from $18.00 to $20.50, giving the stock a “neutral” rating on November 6. Meanwhile, Truist Financial raised their target from $20.00 to $24.00, also assigning a “buy” rating. As it stands, four analysts have rated AMN Healthcare as a “buy,” while two have designated it as a “hold” and two as a “sell.” According to data from MarketBeat, the company’s consensus rating is currently “hold” with an average price target of $21.75.
Quarterly Earnings Report Highlights
AMN Healthcare Services recently announced its quarterly earnings on November 6, revealing an earnings per share (EPS) of $0.39, significantly surpassing analysts’ expectations of $0.19 by $0.20. Despite this positive news, the company reported a negative net margin of 10.75% and a return on equity of 11.09%. Revenue for the quarter reached $634.50 million, exceeding estimates of $618.08 million, although this figure represents a 7.7% decline compared to the same period last year. The company has set an EPS guidance of 1.33 for the current fiscal year.
Institutional Investor Activity
Recent institutional trading activity has shown an increase in stakes in AMN Healthcare Services. Notably, Strengthening Families & Communities LLC expanded their investment by 238.5% during the third quarter, now holding 1,713 shares valued at approximately $33,000. Caitong International Asset Management Co. Ltd made an even more substantial move, increasing their holdings by an impressive 3,142.6%, bringing their total to 1,524 shares worth about $37,000.
Caption Management LLC also enhanced its position by 400%, now owning 2,500 shares valued at $61,000 after acquiring an additional 2,000 shares. Other notable transactions included Johnson Financial Group Inc. establishing a new position valued at around $63,000, and Tower Research Capital LLC increasing their stake by 49.2% during the second quarter.
Currently, institutional investors and hedge funds control approximately 99.23% of AMN Healthcare Services’ stock, indicating a strong level of institutional confidence in the company.
AMN Healthcare Services specializes in providing healthcare workforce solutions and staffing services to facilities across the United States. The company operates through three segments: Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions. The Nurse and Allied Solutions segment focuses on travel nurse staffing, local staffing, and permanent placement services, among other offerings.
