CorVel (NASDAQ:CRVL) Upgraded to "Buy" at Wall Street Zen

Key Points

• CorVel has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating a positive outlook on the stock.
• As of mid-day trading, CorVel's stock increased by $0.23, bringing its price to $78.64, while its market capitalization stands at $4.04 billion.
• Recently, multiple hedge funds increased their stakes in CorVel, with Thrivent Financial for Lutherans boosting their holdings by 187.9% during the second quarter.

CorVel (NASDAQ:CRVL - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Friday.

CorVel Stock Performance

CorVel stock traded up $0.23 during mid-day trading on Friday, reaching $78.64. The company's stock had a trading volume of 135,927 shares, compared to its average volume of 214,852. CorVel has a 12-month low of $77.66 and a 12-month high of $128.61. The company has a market capitalization of $4.04 billion, a P/E ratio of 40.54 and a beta of 0.96. The firm's fifty day moving average price is $87.11 and its two-hundred day moving average price is $101.02.

CorVel (NASDAQ:CRVL - Get Free Report) last released its quarterly earnings data 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%.

Insiders Place Their Bets

In other news, insider Maxim Shishin sold 12,000 shares of the business's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $89.16, for a total transaction of $1,069,920.00. Following the completion of the transaction, the insider directly owned 7,050 shares in the company, valued at $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 at this link. Also, CFO Brandon O'brien sold 1,764 shares of the business's stock in a transaction 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 transaction, the chief financial officer owned 8,948 shares of the company's stock, 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. 44.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Texas Permanent School Fund Corp lifted its holdings in shares of CorVel by 10.4% during the 2nd quarter. Texas Permanent School Fund Corp now owns 30,081 shares of the business services provider's stock worth $3,092,000 after acquiring an additional 2,830 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in shares of CorVel by 96.4% during the 2nd quarter. Squarepoint Ops LLC now owns 41,380 shares of the business services provider's stock worth $4,253,000 after acquiring an additional 20,310 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of CorVel by 187.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 400,003 shares of the business services provider's stock worth $41,112,000 after acquiring an additional 261,049 shares during the last quarter. State of Wyoming bought a new stake in shares of CorVel during the 2nd quarter worth $297,000. Finally, Caxton Associates LLP bought a new stake in shares of CorVel during the 2nd quarter worth $262,000. 51.36% of the stock is currently owned by hedge funds and other institutional investors.

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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