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

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)'s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $86.93 and last traded at $86.76, with a volume of 19403 shares. The stock had previously closed at $88.60.

Wall Street Analyst Weigh In

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

CorVel Stock Performance

The firm has a 50 day moving average of $100.88 and a 200-day moving average of $108.30. The stock has a market capitalization of $4.52 billion, a PE ratio of 47.87 and a beta of 0.95.

CorVel (NASDAQ:CRVL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The business services provider reported $0.52 earnings per share for the quarter. CorVel had a return on equity of 32.55% and a net margin of 10.63%.

Insider Buying and Selling

In other CorVel news, CFO Brandon O'brien sold 3,957 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $108.46, for a total value of $429,176.22. Following the transaction, the chief financial officer directly owned 11,804 shares of the company's stock, valued at $1,280,261.84. This represents a 25.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Alan Hoops sold 3,000 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $113.05, for a total value of $339,150.00. Following the completion of the transaction, the director directly owned 16,688 shares in the company, valued at approximately $1,886,578.40. The trade was a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,079 shares of company stock worth $1,446,023. Insiders own 44.56% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. grew its holdings in CorVel by 200.8% in the 4th quarter. American Century Companies Inc. now owns 13,832 shares of the business services provider's stock valued at $1,539,000 after buying an additional 9,233 shares during the last quarter. LPL Financial LLC lifted its position in shares of CorVel by 183.3% in the 4th quarter. LPL Financial LLC now owns 10,807 shares of the business services provider's stock worth $1,202,000 after acquiring an additional 6,992 shares during the period. JPMorgan Chase & Co. lifted its position in shares of CorVel by 363.4% in the 4th quarter. JPMorgan Chase & Co. now owns 176,631 shares of the business services provider's stock worth $19,652,000 after acquiring an additional 138,518 shares during the period. Pictet Asset Management Holding SA lifted its position in shares of CorVel by 264.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 4,095 shares of the business services provider's stock worth $456,000 after acquiring an additional 2,970 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of CorVel by 516.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 10,086 shares of the business services provider's stock worth $1,122,000 after buying an additional 8,449 shares during the period. 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.