CorVel (NASDAQ:CRVL) Sees Strong Trading Volume – Should You Buy?

CorVel Corp. (NASDAQ:CRVL) shares saw unusually-strong trading volume on Monday . Approximately 153,790 shares changed hands during mid-day trading, a decline of 29% from the previous session’s volume of 217,971 shares.The stock last traded at $71.3550 and had previously closed at $69.27.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRVL. Wall Street Zen upgraded shares of CorVel from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. Weiss Ratings upgraded shares of CorVel from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, September 1st. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold”.

CorVel Price Performance

The firm has a 50 day moving average price of $65.01 and a 200-day moving average price of $60.02. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of 31.84 and a beta of 0.97.

CorVel (NASDAQ:CRVL) last announced its quarterly earnings data on Tuesday, August 4th. The business services provider reported $0.63 earnings per share for the quarter. CorVel had a return on equity of 29.92% and a net margin of 11.72%.The firm had revenue of $259.93 million during the quarter.

Insider Buying and Selling

In other CorVel news, Director R. Jessup sold 4,023 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $70.07, for a total transaction of $281,891.61. Following the completion of the sale, the director owned 111,798 shares in the company, valued at approximately $7,833,685.86. The trade was a 3.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Jennifer Yoss sold 2,100 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $70.92, for a total value of $148,932.00. Following the completion of the transaction, the vice president owned 2,173 shares in the company, valued at $154,109.16. This represents a 49.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 8,947 shares of company stock worth $630,420. Insiders own 39.72% of the company’s stock.

Hedge Funds Weigh In On CorVel

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in CorVel in the second quarter valued at approximately $321,316,000. Norges Bank acquired a new stake in shares of CorVel during the fourth quarter worth $29,250,000. Algert Global LLC raised its holdings in shares of CorVel by 67.0% during the second quarter. Algert Global LLC now owns 383,419 shares of the business services provider’s stock worth $23,971,000 after acquiring an additional 153,877 shares during the period. Bank of New York Mellon Corp bought a new stake in CorVel in the 2nd quarter valued at $11,439,000. Finally, Assenagon Asset Management S.A. boosted its stake in CorVel by 14.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 197,858 shares of the business services provider’s stock worth $10,813,000 after purchasing an additional 25,366 shares during the period. 51.36% of the stock is currently owned by institutional investors and hedge funds.

About CorVel

CorVel Corporation is a provider of workers’ compensation and liability claims management services. The company supports employers, insurance carriers, government entities and other organizations with technology-enabled solutions designed to manage claims, control costs and coordinate medical care.

Its services include third-party claims administration, medical bill review, utilization review, case management, pharmacy benefit management, provider-network services and claims-related analytics.