CorVel (NASDAQ:CRVL) Sets New 12-Month Low - Here's Why

Key Points

• CorVel Corp. (NASDAQ:CRVL) shares reached a new 12-month low, trading as low as $78.73 before closing at $79.96.
• Analysts at Wall Street Zen downgraded CorVel from a "buy" to a "hold" rating on August 30th.
• Insider Maxim Shishin sold 12,000 shares, a 62.99% decrease in his position, while CFO Brandon O’Brien reduced his stake by 16.47%.

CorVel Corp. (NASDAQ:CRVL - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $78.73 and last traded at $79.96, with a volume of 17244 shares. The stock had previously closed at $79.45.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of CorVel from a "buy" rating to a "hold" rating in a report on Saturday, August 30th.

CorVel Price Performance

The stock's fifty day moving average is $88.45 and its 200-day moving average is $101.69. The stock has a market cap of $4.13 billion, a PE ratio of 41.41 and a beta of 0.96.

CorVel (NASDAQ:CRVL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The business services provider reported $0.52 earnings per share (EPS) for the quarter. CorVel had a net margin of 10.98% and a return on equity of 32.31%.

Insider Activity

In other CorVel news, CFO Brandon O'brien sold 1,764 shares of the stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $91.54, for a total transaction of $161,476.56. Following the completion of the transaction, the chief financial officer owned 8,948 shares of the company's stock, valued at $819,099.92. This trade represents a 16.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Maxim Shishin sold 12,000 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $89.16, for a total transaction of $1,069,920.00. Following the transaction, the insider directly owned 7,050 shares of the company's stock, valued at approximately $628,578. This trade represents a 62.99% decrease in their position. The disclosure for this sale can be found here. Company insiders own 44.56% of the company's stock.

Institutional Trading of CorVel

Hedge funds have recently added to or reduced their stakes in the company. State Street Corp increased its stake in CorVel by 1.9% in the second quarter. State Street Corp now owns 1,093,710 shares of the business services provider's stock valued at $112,412,000 after purchasing an additional 20,537 shares during the last quarter. Geode Capital Management LLC increased its stake in CorVel by 5.3% in the second quarter. Geode Capital Management LLC now owns 845,660 shares of the business services provider's stock valued at $86,925,000 after purchasing an additional 42,861 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in CorVel by 187.9% in the second quarter. Thrivent Financial for Lutherans now owns 400,003 shares of the business services provider's stock valued at $41,112,000 after purchasing an additional 261,049 shares during the last quarter. Norges Bank purchased a new position in CorVel in the second quarter valued at approximately $34,418,000. Finally, Bank of New York Mellon Corp increased its stake in CorVel by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 176,927 shares of the business services provider's stock valued at $18,185,000 after purchasing an additional 4,001 shares during the last quarter. Institutional investors and hedge funds own 51.36% of the company's stock.

About CorVel

CorVel Corporation provides workers' compensation, auto, liability, and health solutions. It applies technology, including artificial intelligence, machine learning, and natural language processing to enhance the managing of episodes of care and the related health care costs. The company also offers network solutions services, including automated medical fee auditing, preferred provider management and reimbursement, retrospective utilization review, facility claim review, professional review, pharmacy, directed care, clearinghouse, independent medical examination, and inpatient medical bill review services, as well as Medicare solutions.