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

Key Points

• CorVel Corp. shares reached a new 52-week low at $77.65 during trading, indicating a significant decline from its previous close of $78.64.
• Despite the stock's drop, Wall Street Zen upgraded CorVel shares from a "hold" to a "buy" rating, suggesting a potential positive outlook.
• Insider selling has been observed, with CFO Brandon O’Brien decreasing their position by 16.47%, indicating possible concerns about the company's performance.

Shares of CorVel Corp. (NASDAQ:CRVL - Get Free Report) hit a new 52-week low during trading on Monday . The stock traded as low as $77.65 and last traded at $77.87, with a volume of 20188 shares traded. The stock had previously closed at $78.64.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of CorVel from a "hold" rating to a "buy" rating in a research report on Friday.

CorVel Price Performance

The firm's 50 day moving average is $87.11 and its 200 day moving average is $100.98. The company has a market cap of $3.97 billion, a PE ratio of 39.90 and a beta of 0.96.

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

Insider Buying and Selling

In other news, insider Maxim Shishin sold 12,000 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $89.16, for a total value of $1,069,920.00. Following the completion of the sale, the insider owned 7,050 shares of the company's stock, valued at approximately $628,578. This represents a 62.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brandon O'brien sold 1,764 shares of the company's stock in a transaction on 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 sale, the chief financial officer directly owned 8,948 shares of the company's stock, valued at $819,099.92. This trade represents a 16.47% decrease in their position. The disclosure for this sale can be found here. 44.56% of the stock is owned by insiders.

Institutional Investors Weigh In On CorVel

A number of institutional investors have recently made changes to their positions in CRVL. Meeder Asset Management Inc. purchased a new stake in shares of CorVel in the 1st quarter valued at $25,000. von Borstel & Associates Inc. purchased a new stake in shares of CorVel in the 1st quarter valued at $28,000. Hantz Financial Services Inc. purchased a new stake in shares of CorVel in the 2nd quarter valued at $32,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of CorVel in the 2nd quarter valued at $37,000. Finally, Blue Trust Inc. boosted its stake in shares of CorVel by 235.4% in the 2nd quarter. Blue Trust Inc. now owns 550 shares of the business services provider's stock valued at $57,000 after purchasing an additional 386 shares in the last quarter. Hedge funds and other institutional investors own 51.36% of the company's stock.

CorVel Company Profile

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.

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