CorVel (NASDAQ:CRVL) Trading Up 8.5% - Here's Why

Key Points

• CorVel Corp. (NASDAQ: CRVL) saw its stock price increase by 8.5%, reaching a high of $92.83 during mid-day trading on Monday, following prior trading at $85.48.
• Wall Street analysts downgraded CorVel from a "buy" to a "hold" rating, indicating a shift in market confidence.
• The company has a market cap of $4.63 billion and reported a quarterly earnings per share of $0.52, with a return on equity of 32.31%.

CorVel Corp. (NASDAQ:CRVL - Get Free Report) was up 8.5% during mid-day trading on Monday . The company traded as high as $92.83 and last traded at $92.77. Approximately 137,865 shares were traded during mid-day trading, an increase of 3% from the average daily volume of 133,833 shares. The stock had previously closed at $85.48.

Wall Street Analysts Forecast Growth

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 Stock Performance

The business's 50 day moving average is $92.13 and its 200-day moving average is $103.57. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of 46.65 and a beta of 0.96.

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

Insider Buying and Selling

In related news, insider Maxim Shishin sold 12,000 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was 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 directly owned 7,050 shares in the company, valued at approximately $628,578. The trade was a 62.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 44.56% of the company's stock.

Institutional Trading of CorVel

Hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its position in shares of CorVel by 192.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 14,867 shares of the business services provider's stock valued at $1,654,000 after buying an additional 9,785 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in CorVel by 182.1% during the 4th quarter. Ameriprise Financial Inc. now owns 76,228 shares of the business services provider's stock worth $8,481,000 after purchasing an additional 49,206 shares during the last quarter. Benjamin Edwards Inc. purchased a new stake in CorVel in the 4th quarter valued at about $220,000. Bank of America Corp DE grew its position in shares of CorVel by 139.9% during the fourth quarter. Bank of America Corp DE now owns 41,787 shares of the business services provider's stock worth $4,649,000 after buying an additional 24,365 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its stake in shares of CorVel by 133.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 13,123 shares of the business services provider's stock worth $1,460,000 after purchasing an additional 7,500 shares during the last quarter. 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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