CorVel (NASDAQ:CRVL) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

CorVel Co. (NASDAQ:CRVL - Get Free Report) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $104.83 and traded as high as $347.45. CorVel shares last traded at $347.45, with a volume of 23,165 shares traded.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of CorVel from a "buy" rating to a "hold" rating in a research report on Saturday, August 31st.

CorVel Price Performance

The stock has a market cap of $1.97 billion, a P/E ratio of 24.41 and a beta of 1.14. The stock's 50-day moving average is $123.04 and its two-hundred day moving average is $106.53.

Insiders Place Their Bets

In related news, EVP Mark E. Bertels sold 1,050 shares of the firm's stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $119.12, for a total transaction of $125,072.50. Following the completion of the sale, the executive vice president now directly owns 2,580 shares of the company's stock, valued at approximately $307,321. This trade represents a 28.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 47.57% of the company's stock.

Institutional Trading of CorVel

A number of large investors have recently made changes to their positions in CRVL. FMR LLC lifted its holdings in CorVel by 193.1% during the 3rd quarter. FMR LLC now owns 4,306 shares of the business services provider's stock valued at $1,408,000 after buying an additional 2,837 shares in the last quarter. State Street Corp raised its stake in shares of CorVel by 0.8% during the third quarter. State Street Corp now owns 360,068 shares of the business services provider's stock valued at $117,703,000 after acquiring an additional 2,959 shares in the last quarter. Quest Partners LLC boosted its holdings in shares of CorVel by 184,200.0% in the second quarter. Quest Partners LLC now owns 1,843 shares of the business services provider's stock valued at $469,000 after purchasing an additional 1,842 shares during the period. Verition Fund Management LLC bought a new stake in CorVel during the 3rd quarter valued at $213,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in CorVel by 7.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 86,236 shares of the business services provider's stock worth $28,190,000 after acquiring an additional 6,061 shares during the period. 51.36% of the stock is owned by hedge funds and other institutional investors.

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.