SCHEDULE 13D/A: Magnetar Funds Boost Stake in Cross Country Healthcare to 7.20%

Magnetar Financial LLC and its affiliates have increased their beneficial ownership in Cross Country Healthcare, Inc. to 7.20% of outstanding common stock through recent share purchases.

Summary

• Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC, and David J. Snyderman (collectively, the "Reporting Persons") have filed an Amendment No. 1 to their Schedule 13D.
• The Reporting Persons collectively beneficially own 2,324,229 shares of Cross Country Healthcare, Inc. common stock as of January 2, 2025.
• This ownership represents approximately 7.20% of the company's outstanding shares, based on 32,227,395 shares reported outstanding by the company as of December 3, 2024.
• Since their initial Schedule 13D filing on December 20, 2024, the Reporting Persons purchased an additional 377,295 shares between December 19, 2024, and January 2, 2025.
• These recent purchases include 234,221 shares by PRA Master Fund, 99,991 shares by Systematic Master Fund, 22,272 shares by Relative Value Master Fund, and 20,811 shares by the Managed Account.
• The shares were acquired through open market transactions on NASDAQ and other trading markets.
• The Reporting Persons reserve the right to acquire additional securities or dispose of their current holdings in the future.

Sentiment

Score: 7

Explanation: The sentiment is positive due to a significant institutional investor increasing its stake in the company, indicating confidence and potential for future engagement or value creation.

Positives

• Increased beneficial ownership by Magnetar Financial LLC and its affiliates signals confidence in Cross Country Healthcare, Inc.
• The acquisition of an additional 377,295 shares demonstrates continued investment interest from a significant institutional investor.

Future Outlook

The Reporting Persons reserve the right to acquire additional securities of Cross Country Healthcare, Inc. in the open market, in privately negotiated transactions, or otherwise, and also reserve the right to dispose of all or a portion of their reported shares and/or other securities.

Industry Context

This filing reflects an institutional investor's increased stake in a healthcare staffing company, a sector that has experienced significant demand fluctuations and strategic shifts, particularly in the post-pandemic environment. Magnetar's increased position suggests a positive view on Cross Country Healthcare's specific prospects within this dynamic industry.

Legal Proceedings

• None of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) in the last five years.
• None of the Reporting Persons have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws in the last five years.

Stakeholder Impact

• Shareholders may view the increased institutional ownership as a positive indicator, potentially leading to increased investor confidence and share price stability or appreciation.
• The increased stake by Magnetar could lead to more active engagement with company management, potentially influencing strategic decisions or corporate governance in the future.

Next Steps

• The Reporting Persons may acquire additional shares or dispose of existing shares in the future, as they reserve the right to do so.

Key Dates

Recommendation

Keywords

Cross Country Healthcare, Magnetar Financial, Schedule 13D, Beneficial Ownership, Institutional Investment, Healthcare Staffing, Common Stock, SEC Filing, Investment Adviser