CorVel (NASDAQ:CRVL) Hits New 12-Month Low - Time to Sell?

Key Points

• CorVel Corp. shares reached a new 52-week low of $86.93 during trading on Friday, a decline from the previous close of $88.60.
• Wall Street Zen upgraded CorVel from a "hold" to a "buy" rating, indicating a positive outlook despite the recent stock decline.
• Insider trading activity showed significant selling, with insiders offloading over 13,000 shares valued at approximately $1.45 million in the past ninety days.

CorVel Corp. (NASDAQ:CRVL - Get Free Report) reached a new 52-week low on Friday . The stock traded as low as $86.93 and last traded at $86.76, with a volume of 19403 shares traded. The stock had previously closed at $88.60.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded CorVel from a "hold" rating to a "buy" rating in a report on Friday, April 18th.

CorVel Trading Up 1.4%

The firm has a fifty day simple moving average of $101.36 and a two-hundred day simple moving average of $108.46. The firm has a market cap of $4.52 billion, a PE ratio of 47.88 and a beta of 0.95.

CorVel (NASDAQ:CRVL - Get Free Report) last released its quarterly earnings data on Thursday, May 22nd. The business services provider reported $0.51 earnings per share for the quarter. CorVel had a return on equity of 32.55% and a net margin of 10.63%. The business had revenue of $231.51 million during the quarter.

Insider Activity at CorVel

In related news, CFO Brandon O'brien sold 3,957 shares of CorVel stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $108.46, for a total transaction of $429,176.22. Following the sale, the chief financial officer directly owned 11,804 shares in the company, valued at $1,280,261.84. The trade was a 25.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Maxim Shishin sold 2,400 shares of CorVel stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $108.09, for a total value of $259,416.00. Following the sale, the insider owned 7,050 shares in the company, valued at $762,034.50. This represents a 25.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,079 shares of company stock valued at $1,446,023 over the last ninety days. Insiders own 44.56% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CRVL. Xponance Inc. grew its holdings in shares of CorVel by 4.9% in the first quarter. Xponance Inc. now owns 2,008 shares of the business services provider's stock worth $225,000 after acquiring an additional 94 shares during the period. Ballentine Partners LLC grew its holdings in shares of CorVel by 4.2% in the first quarter. Ballentine Partners LLC now owns 2,531 shares of the business services provider's stock worth $283,000 after acquiring an additional 102 shares during the period. Mayfair Advisory Group LLC grew its holdings in shares of CorVel by 7.2% in the first quarter. Mayfair Advisory Group LLC now owns 2,212 shares of the business services provider's stock worth $248,000 after acquiring an additional 148 shares during the period. LGT Financial Advisors LLC grew its holdings in shares of CorVel by 200.0% in the fourth quarter. LGT Financial Advisors LLC now owns 255 shares of the business services provider's stock worth $28,000 after acquiring an additional 170 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in CorVel by 4.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,534 shares of the business services provider's stock valued at $569,000 after purchasing an additional 217 shares during the period. Hedge funds and other institutional investors 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.