CorVel (NASDAQ:CRVL) Reaches New 1-Year High - Here's What Happened

Key Points

• CorVel shares reached a new 52-week high of $85.79 during Tuesday trading, up from the previous close of $83.23. The stock has risen above its 50-day and 200-day moving averages.
• Weiss Ratings upgraded CorVel from “hold (c-)” to “hold (c),” while the overall analyst consensus remains Hold. The company reported quarterly revenue of $267.13 million and earnings of $0.67 per share.
• Insiders sold 8,947 shares worth approximately $630,420 in the past quarter, while institutional investors own 51.36% of the stock and company insiders hold 39.72%.

CorVel Corp. (NASDAQ:CRVL - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday. The company traded as high as $85.79 and last traded at $85.5550, with a volume of 47,890 shares changing hands. The stock had previously closed at $83.23.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded CorVel from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, September 1st. One investment analyst has rated the stock with a Hold rating. Based on data from MarketBeat.com, the company currently has an average rating of "Hold".

CorVel Trading Up 1.9%

The firm has a market cap of $4.33 billion, a P/E ratio of 37.72 and a beta of 1.07. The company's 50-day moving average is $74.97 and its two-hundred day moving average is $62.66.

CorVel (NASDAQ:CRVL - Get Free Report) last announced its earnings results on Tuesday, November 3rd. The business services provider reported $0.67 earnings per share (EPS) for the quarter. CorVel had a net margin of 11.72% and a return on equity of 29.92%. The business had revenue of $267.13 million during the quarter.

Insider Transactions at CorVel

In related news, Director R. Jessup sold 4,023 shares of CorVel stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $70.07, for a total transaction of $281,891.61. Following the transaction, the director directly owned 111,798 shares of the company's stock, valued at $7,833,685.86. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Jennifer Yoss sold 2,100 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $70.92, for a total transaction of $148,932.00. Following the sale, the vice president directly owned 2,173 shares in the company, valued at $154,109.16. The trade was a 49.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 8,947 shares of company stock valued at $630,420 in the last quarter. 39.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CorVel

A number of institutional investors have recently bought and sold shares of CRVL. Root Financial Partners LLC bought a new position in shares of CorVel in the 3rd quarter valued at about $25,000. Rockefeller Capital Management L.P. boosted its position in CorVel by 66.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 574 shares of the business services provider's stock worth $39,000 after purchasing an additional 230 shares during the period. Versant Capital Management Inc increased its holdings in shares of CorVel by 59.7% during the second quarter. Versant Capital Management Inc now owns 907 shares of the business services provider's stock worth $57,000 after purchasing an additional 339 shares during the period. IFP Advisors Inc lifted its position in CorVel by 68.3% during the second quarter. IFP Advisors Inc now owns 973 shares of the business services provider's stock worth $61,000 after purchasing an additional 395 shares during the period. Finally, Sterling Capital Management LLC raised its holdings in shares of CorVel by 846.2% during the 3rd quarter. Sterling Capital Management LLC now owns 984 shares of the business services provider's stock worth $73,000 after buying an additional 880 shares in the last quarter. 51.36% of the stock is currently owned by hedge funds and other institutional investors.

CorVel Company Profile

CorVel Corporation is a technology-enabled provider of workers' compensation, auto liability, liability, and health care management services. The company helps employers, insurance carriers, government agencies, and third-party administrators manage claims, control medical costs, and coordinate care.

Its services include claims administration, medical bill review, utilization and clinical review, case management, pharmacy benefit management, provider networks, and other managed-care solutions.

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