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

CorVel Co. (NASDAQ:CRVL - Get Free Report) was the target of a significant decline in short interest in 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 daily trading volume, of 118,400 shares, the short-interest ratio is currently 6.4 days.

Wall Street Analyst Weigh In

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

CorVel Stock Performance

Shares of NASDAQ:CRVL traded up $0.29 during trading hours on Friday, hitting $108.76. 72,651 shares of the company's stock traded hands, compared to its average volume of 103,390. The company's fifty day simple moving average is $112.90 and its two-hundred day simple moving average is $114.02. The company has a market cap of $5.59 billion, a price-to-earnings ratio of 63.98 and a beta of 1.16. CorVel has a 52 week low of $76.20 and a 52 week high of $128.61.

CorVel (NASDAQ:CRVL - Get Free Report) 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%.

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Insider Transactions at CorVel

In related news, Director Alan Hoops sold 10,200 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $116.39, for a total transaction of $1,187,178.00. Following the transaction, the director now owns 118,213 shares in the company, valued at $13,758,811.07. This trade represents a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brandon O'brien sold 1,523 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $119.56, for a total value of $182,089.88. Following the completion of the sale, the chief financial officer now owns 17,142 shares of the company's stock, valued at $2,049,497.52. This trade represents a 8.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,723 shares of company stock worth $2,604,068. Company insiders own 47.57% of the company's stock.

Hedge Funds Weigh In On CorVel

A number of hedge funds have recently modified their holdings of CRVL. Mackenzie Financial Corp acquired a new position in shares of CorVel in the 4th quarter valued at $848,000. Kolinsky Wealth Management LLC lifted its stake in CorVel by 200.0% during the fourth quarter. Kolinsky Wealth Management LLC now owns 5,205 shares of the business services provider's stock valued at $579,000 after buying an additional 3,470 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of CorVel by 234.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 93,606 shares of the business services provider's stock worth $10,415,000 after buying an additional 65,620 shares during the period. Voloridge Investment Management LLC increased its position in shares of CorVel by 210.8% in the fourth quarter. Voloridge Investment Management LLC now owns 34,775 shares of the business services provider's stock worth $3,869,000 after acquiring an additional 23,585 shares in the last quarter. Finally, Wolverine Trading LLC raised its holdings in shares of CorVel by 266.6% during the fourth quarter. Wolverine Trading LLC now owns 4,550 shares of the business services provider's stock valued at $511,000 after acquiring an additional 3,309 shares during the period. 51.36% of the stock is currently owned by institutional investors and hedge funds.

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.