CorVel Co. (NASDAQ:CRVL) Sees Large Drop in Short Interest

CorVel Co. (NASDAQ:CRVL) was the recipient of a large decline in short interest during the month of February. As of February 15th, there was short interest totalling 760,700 shares, a decline of 21.8% from the January 31st total of 973,200 shares. Based on an average trading volume of 118,400 shares, the days-to-cover ratio is presently 6.4 days.

CorVel Trading Up 1.2 %

CRVL stock traded up $1.30 during mid-day trading on Wednesday, reaching $108.57. The company’s stock had a trading volume of 37,955 shares, compared to its average volume of 102,976. CorVel has a 12 month low of $76.20 and a 12 month high of $128.61. The business’s 50 day moving average price is $117.82 and its 200 day moving average price is $114.10. The company has a market cap of $5.58 billion, a price-to-earnings ratio of 63.79 and a beta of 1.16.

CorVel (NASDAQ:CRVL) last released its quarterly earnings data on Tuesday, February 4th. The business services provider reported $0.46 earnings per share for the quarter. CorVel had a net margin of 10.12% and a return on equity of 32.22%.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded CorVel from a “hold” rating to a “buy” rating in a report on Wednesday, February 26th.

Insiders Place Their Bets

In other news, Director Alan Hoops sold 10,200 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $116.39, for a total value of $1,187,178.00. Following the completion of the sale, the director now owns 118,213 shares of the company’s stock, valued at approximately $13,758,811.07. This represents a 7.94 % 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, EVP Mark E. Bertels sold 1,050 shares of CorVel stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $119.12, for a total value of $125,072.50. Following the completion of the transaction, the executive vice president now directly owns 2,580 shares in the company, valued at approximately $307,321. This represents a 28.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,773 shares of company stock valued at $2,729,140 in the last ninety days. 47.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CorVel

Institutional investors and hedge funds have recently made changes to their positions in the stock. LGT Financial Advisors LLC boosted its holdings in CorVel by 200.0% in the fourth quarter. LGT Financial Advisors LLC now owns 255 shares of the business services provider’s stock worth $28,000 after acquiring an additional 170 shares in the last quarter. Bessemer Group Inc. raised its position in shares of CorVel by 6,350.0% during the fourth quarter. Bessemer Group Inc. now owns 258 shares of the business services provider’s stock worth $29,000 after purchasing an additional 254 shares during the period. Fifth Third Bancorp lifted its holdings in shares of CorVel by 45.9% in the 4th quarter. Fifth Third Bancorp now owns 321 shares of the business services provider’s stock worth $36,000 after purchasing an additional 101 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in CorVel in the 4th quarter valued at $37,000. Finally, US Bancorp DE increased its stake in CorVel by 225.4% during the 4th quarter. US Bancorp DE now owns 384 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 266 shares in the last quarter. 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.