Short Interest in CorVel Co. (NASDAQ:CRVL) Drops By 21.8%

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

CorVel Price Performance

Shares of NASDAQ:CRVL traded down $0.31 during midday trading on Thursday, hitting $107.44. The company had a trading volume of 39,136 shares, compared to its average volume of 102,776. The business’s 50-day simple moving average is $113.03 and its 200-day simple moving average is $114.06. CorVel has a twelve month low of $76.20 and a twelve month high of $128.61. The stock has a market cap of $5.52 billion, a price-to-earnings ratio of 62.95 and a beta of 1.16.

CorVel (NASDAQ:CRVL) last issued its earnings results 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%.

Insider Activity at CorVel

In related news, Director Steven J. Hamerslag sold 10,000 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $123.48, for a total transaction of $1,234,800.00. Following the completion of the transaction, the director now owns 314,000 shares in the company, valued at $38,772,720. This represents a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alan Hoops sold 10,200 shares of CorVel 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 in the company, valued at approximately $13,758,811.07. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,723 shares of company stock valued at $2,604,068. 47.57% of the stock is owned by company insiders.

Institutional Trading of CorVel

A number of institutional investors have recently bought and sold shares of the business. Advisors Asset Management Inc. lifted its stake in CorVel by 121.7% during the third quarter. Advisors Asset Management Inc. now owns 204 shares of the business services provider’s stock worth $67,000 after purchasing an additional 112 shares during the last quarter. LGT Financial Advisors LLC grew its holdings in shares of CorVel by 200.0% during the fourth quarter. LGT Financial Advisors LLC now owns 255 shares of the business services provider’s stock worth $28,000 after purchasing an additional 170 shares during the last quarter. Bessemer Group Inc. increased its holdings in shares of CorVel by 6,350.0% in the 4th quarter. Bessemer Group Inc. now owns 258 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 254 shares during the period. Point72 DIFC Ltd purchased a new stake in shares of CorVel in the third quarter valued at about $88,000. Finally, Fifth Third Bancorp lifted its position in CorVel by 45.9% during the 4th quarter. Fifth Third Bancorp now owns 321 shares of the business services provider’s stock worth $36,000 after acquiring an additional 101 shares during the period. 51.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of CorVel from a “hold” rating to a “buy” rating in a research note on Wednesday, February 26th.

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.