CorVel Corp. $CRVL Shares Acquired by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC increased its stake in CorVel Corp. by 225.0% during Q1 2023, acquiring a total of 33,638 shares valued at approximately $3.77 million.
• Insider transactions revealed a significant sell-off, with Maxim Shishin selling 12,000 shares and CFO Brandon O'Brien selling 3,957 shares, indicating a decrease in their ownership positions.
• CorVel's stock rating was recently downgraded from a "buy" to a "hold" by Wall Street analysts, signifying a shift in market sentiment.

Cubist Systematic Strategies LLC grew its holdings in CorVel Corp. (NASDAQ:CRVL - Free Report) by 225.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,638 shares of the business services provider's stock after buying an additional 23,289 shares during the quarter. Cubist Systematic Strategies LLC owned 0.07% of CorVel worth $3,766,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Principal Financial Group Inc. increased its position in shares of CorVel by 2.7% during the first quarter. Principal Financial Group Inc. now owns 143,654 shares of the business services provider's stock worth $16,085,000 after purchasing an additional 3,818 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of CorVel by 44.7% during the first quarter. Farther Finance Advisors LLC now owns 816 shares of the business services provider's stock worth $93,000 after purchasing an additional 252 shares in the last quarter. GAMMA Investing LLC increased its position in shares of CorVel by 58.6% during the first quarter. GAMMA Investing LLC now owns 685 shares of the business services provider's stock worth $77,000 after purchasing an additional 253 shares in the last quarter. KBC Group NV increased its position in shares of CorVel by 35.1% during the first quarter. KBC Group NV now owns 1,564 shares of the business services provider's stock worth $175,000 after purchasing an additional 406 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of 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 worth $1,606,000 after purchasing an additional 461 shares in the last quarter. 51.36% of the stock is currently owned by hedge funds and other institutional investors.

CorVel Stock Performance

Shares of NASDAQ CRVL traded up $0.12 during mid-day trading on Wednesday, reaching $87.68. 23,120 shares of the company's stock were exchanged, compared to its average volume of 135,708. The company's 50-day moving average is $91.55 and its 200-day moving average is $103.33. CorVel Corp. has a 52-week low of $84.68 and a 52-week high of $128.61. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of 45.19 and a beta of 0.96.

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

Insider Transactions at CorVel

In other CorVel news, insider Maxim Shishin sold 12,000 shares of the stock in a transaction dated 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 of the company's stock, valued at $628,578. This trade represents 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. 44.56% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

CorVel 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.