CorVel (NASDAQ:CRVL) Trading 8.5% Higher - Here's What Happened

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)'s share price traded up 8.5% during trading on Monday . The company traded as high as $92.83 and last traded at $92.77. 137,865 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 133,833 shares. The stock had previously closed at $85.48.

Analyst Ratings Changes

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

CorVel Stock Down 3.0%

The company has a market cap of $4.39 billion, a PE ratio of 44.12 and a beta of 0.96. The stock has a 50-day moving average of $90.60 and a 200-day moving average of $102.91.

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 (EPS) for the quarter. CorVel had a return on equity of 32.31% and a net margin of 10.98%.

Insiders Place Their Bets

In related news, insider Maxim Shishin sold 12,000 shares of the stock in a transaction 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 sale, the insider owned 7,050 shares in the company, valued at approximately $628,578. This trade represents a 62.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brandon O'brien sold 1,764 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $91.54, for a total value 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 position. The disclosure for this sale can be found here. Company insiders own 44.56% of the company's stock.

Institutional Investors Weigh In On CorVel

Large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in CorVel by 2.7% during the first quarter. Principal Financial Group Inc. now owns 143,654 shares of the business services provider's stock valued at $16,085,000 after purchasing an additional 3,818 shares in the last quarter. Farther Finance Advisors LLC raised its position in CorVel by 44.7% during the first quarter. Farther Finance Advisors LLC now owns 816 shares of the business services provider's stock valued at $93,000 after purchasing an additional 252 shares in the last quarter. GAMMA Investing LLC raised its position in CorVel by 58.6% during the first quarter. GAMMA Investing LLC now owns 685 shares of the business services provider's stock valued at $77,000 after purchasing an additional 253 shares in the last quarter. KBC Group NV raised its position in CorVel by 35.1% during the first quarter. KBC Group NV now owns 1,564 shares of the business services provider's stock valued at $175,000 after purchasing an additional 406 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in CorVel by 3.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 14,345 shares of the business services provider's stock valued at $1,606,000 after purchasing an additional 461 shares in the last quarter. 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.