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AMN · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is AMN Healthcare Services (AMN) stock moving?
AMN reported a strong Q3 2026 on Nov 5: revenue of $717.3M (+13% YoY) beat the $649.5M estimate, adjusted EPS of $1.16 beat the $0.23 estimate, adjusted EBITDA rose 63% to $93.6M, and Nurse and Allied revenue grew 27%. Management said demand strengthened into October. Two caveats: the company said the quarter benefited from a labor disruption reserve release, and the Q4 sales guide of $655M-$670M only brackets the $653.9M consensus, so the beat looks less clean than the headline. The stock closed at $47.42 on Nov 5, then fell 24% to $36.19 on Nov 6 on about 1.9M shares, roughly twice the recent average. The news items do not state a cause for the drop. Analysts responded positively afterward: Citizens raised its target to $51 with a Market Outperform rating, and Truist raised its target to $45 from $40 with a Buy rating. Price since then has stabilized near $37-38, with volume falling to about 0.7M on Nov 10. Balance sheet is solid, with $256M in cash and 1.3x leverage. The main open question is whether the post-earnings sell-off reflects doubts about earnings quality or about the weaker non-nursing segments, which management said are still improving.
News behind the analysis
- Truist Securities Maintains Buy on AMN Healthcare Services, Raises Price Target to $45Truist kept its Buy rating and lifted its price target to $45 from $40 after the Q3 report.
- Truist Securities Adjusts AMN Healthcare Services Price TargetTruist maintained a Buy rating and adjusted its AMN price target to $45 from $40.
- Citizens Maintains Market Outperform on AMN Healthcare Services, Raises Price Target to $51Citizens kept its Market Outperform rating and raised its AMN price target to $51.
- AMN Healthcare Services Q3 2026 Earnings Call TranscriptManagement discussed the Q3 2026 results, including strengthening travel nurse and allied demand and progress in other segments.
- AMN Healthcare, Inc. Reports Q3 2026 Financial ResultsQ3 revenue was $717.3M, up 13%, with adjusted EPS of $1.16, above analyst expectations.
- AMN Healthcare Services Sees Q4 Sales $655.000M-$670.000M vs $653.892M EstThe company guided Q4 sales to $655M-$670M, a range that brackets the $653.9M consensus estimate.
- AMN Healthcare Services Q3 Adj. EPS $1.16 Beats $0.23 Estimate, Sales $717.272M Beat $649.540M EstimateQ3 adjusted EPS of $1.16 beat the $0.23 estimate, and sales of $717.3M beat the $649.5M estimate.
- AMN Healthcare CIO Mark Hagan Participates in SoCal ORBIE AwardsCIO Mark Hagan served as an interviewer at the 2026 SoCal ORBIE Awards keynote, a minor corporate event.
About AMN Healthcare Services
AMN Healthcare Services, based in Dallas, is one of the largest US healthcare staffing and workforce companies. It places nurses, doctors and other clinicians in hospitals and health systems, and it also sells workforce technology such as vendor management systems, along with language interpretation and leadership search services.
How it makes money
Most of its revenue comes from the fees hospitals and clinics pay for temporary clinical staff, mainly travel nurses and allied health workers. Smaller amounts come from placing physicians and healthcare leaders, from managed services programs and staffing software, and from remote medical interpretation, for which it recently bought an AI translation tool. Quarterly revenue usually runs around $620–680 million (approx.). In Q1 2026 revenue briefly jumped to about $1.4 billion, which looks like it came from short-term, high-demand work such as labor-disruption staffing.
What usually moves AMN
- Hospital demand for travel nurses and temporary clinicians
- Bill rates and nurse supply or shortages
- Labor strikes that create short-term demand for replacement staff
- Hospital budgets and patient volumes
- Competition and pricing pressure in staffing technology
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