CorVel (NASDAQ:CRVL) Sets New 52-Week Low - Here's Why

Key Points

• CorVel Corporation's stock (NASDAQ:CRVL) hit a new 52-week low at $84.33, with a recent decline attributed to a downgrade from "buy" to "hold" by Wall Street Zen.
• The company reported $0.52 earnings per share in its latest quarterly results, reflecting a net margin of 10.98% and return on equity of 32.31%.
• Significant insider trading occurred, including a 62.99% decrease in ownership by insider Maxim Shishin after selling 12,000 shares, raising concerns among investors.

CorVel Corp. (NASDAQ:CRVL - Get Free Report)'s share price reached a new 52-week low on Monday . The stock traded as low as $84.53 and last traded at $84.33, with a volume of 30240 shares. The stock had previously closed at $85.59.

Analyst Upgrades and Downgrades

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

CorVel Price Performance

The stock's 50 day simple moving average is $90.25 and its two-hundred day simple moving average is $102.64. The stock has a market cap of $4.25 billion, a P/E ratio of 42.68 and a beta of 0.96.

CorVel (NASDAQ:CRVL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The business services provider reported $0.52 earnings per share 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 CorVel stock in a transaction that occurred 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 sale, the insider directly owned 7,050 shares in the company, valued at $628,578. This trade represents a 62.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brandon O'brien sold 1,764 shares of CorVel stock in a transaction that occurred 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 owned 8,948 shares in the company, valued at $819,099.92. This trade represents a 16.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 44.56% of the company's stock.

Institutional Trading of CorVel

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Squarepoint Ops LLC raised its holdings in shares of CorVel by 96.4% in the second quarter. Squarepoint Ops LLC now owns 41,380 shares of the business services provider's stock valued at $4,253,000 after purchasing an additional 20,310 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of 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. State of Wyoming acquired a new stake in shares of CorVel in the second quarter valued at approximately $297,000. Caxton Associates LLP acquired a new stake in shares of CorVel in the second quarter valued at approximately $262,000. Finally, Public Sector Pension Investment Board increased its holdings in CorVel by 7.5% during the second quarter. Public Sector Pension Investment Board now owns 92,778 shares of the business services provider's stock worth $9,536,000 after buying an additional 6,471 shares during the last quarter. 51.36% of the stock is currently owned by institutional investors and hedge funds.

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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