CorVel (NASDAQ:CRVL) Posts Quarterly Earnings Results

CorVel (NASDAQ:CRVL) posted its quarterly earnings results on Tuesday. The business services provider reported $0.54 EPS for the quarter, Zacks reports. CorVel had a return on equity of 32.31% and a net margin of 10.98%.

CorVel Stock Performance

NASDAQ CRVL traded down $1.33 on Wednesday, reaching $74.73. The stock had a trading volume of 7,718 shares, compared to its average volume of 144,715. CorVel has a 12-month low of $70.47 and a 12-month high of $128.61. The business’s 50-day moving average price is $78.85 and its 200 day moving average price is $93.75. The stock has a market cap of $3.83 billion, a P/E ratio of 38.46 and a beta of 0.98.

Insider Buying and Selling

In other news, CFO Brandon O’brien sold 1,764 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer owned 8,948 shares of the company’s stock, valued at approximately $819,099.92. The trade was a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Maxim Shishin sold 12,000 shares of the company’s 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 transaction, the insider directly owned 7,050 shares in the company, valued at $628,578. This represents a 62.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 44.56% of the stock is currently owned by insiders.

Institutional Trading of CorVel

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Qube Research & Technologies Ltd lifted its position in CorVel by 147.2% during the second quarter. Qube Research & Technologies Ltd now owns 117,834 shares of the business services provider’s stock worth $12,111,000 after buying an additional 70,169 shares during the period. Cubist Systematic Strategies LLC increased its holdings in CorVel by 249.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 117,395 shares of the business services provider’s stock worth $12,066,000 after purchasing an additional 83,757 shares during the last quarter. Sei Investments Co. grew its position in shares of CorVel by 7.2% in the 2nd quarter. Sei Investments Co. now owns 64,490 shares of the business services provider’s stock worth $6,628,000 after acquiring an additional 4,322 shares in the last quarter. Royal Bank of Canada grew its position in shares of CorVel by 12.5% in the 1st quarter. Royal Bank of Canada now owns 51,261 shares of the business services provider’s stock worth $5,739,000 after acquiring an additional 5,703 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in CorVel by 16.7% during the 2nd quarter. Jane Street Group LLC now owns 54,739 shares of the business services provider’s stock valued at $5,626,000 after purchasing an additional 7,819 shares during the period. 51.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRVL has been the topic of several analyst reports. Wall Street Zen upgraded CorVel from a “hold” rating to a “buy” rating in a report on Sunday, October 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of CorVel in a report on Tuesday, October 14th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

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.