CorVel Co. (NASDAQ:CRVL) Sees Significant Increase in Short Interest

CorVel Co. (NASDAQ:CRVL) was the target of a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 378,900 shares, an increase of 13.9% from the June 30th total of 332,800 shares. Based on an average daily volume of 39,600 shares, the days-to-cover ratio is presently 9.6 days. Approximately 4.0% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of CorVel from a “buy” rating to a “hold” rating in a research note on Tuesday, June 25th.

CorVel Price Performance

CorVel stock traded up $0.19 during trading on Monday, reaching $307.82. 38,713 shares of the company were exchanged, compared to its average volume of 37,394. The stock’s 50 day simple moving average is $259.86 and its two-hundred day simple moving average is $249.35. The company has a market capitalization of $5.28 billion, a P/E ratio of 69.92 and a beta of 1.08. CorVel has a 52-week low of $187.92 and a 52-week high of $314.31.

CorVel (NASDAQ:CRVL) last issued its earnings results on Wednesday, May 22nd. The business services provider reported $1.12 EPS for the quarter. The company had revenue of $207.23 million for the quarter. CorVel had a net margin of 9.59% and a return on equity of 33.49%.

Insider Activity

In related news, CFO Brandon O’brien sold 1,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $276.95, for a total value of $276,950.00. Following the transaction, the chief financial officer now directly owns 7,305 shares of the company’s stock, valued at approximately $2,023,119.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other CorVel news, major shareholder Corstar Holdings Inc sold 10,649 shares of CorVel stock in a transaction on Monday, July 8th. The shares were sold at an average price of $261.36, for a total transaction of $2,783,222.64. Following the sale, the insider now owns 6,333,387 shares of the company’s stock, valued at approximately $1,655,294,026.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brandon O’brien sold 1,000 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $276.95, for a total transaction of $276,950.00. Following the completion of the sale, the chief financial officer now owns 7,305 shares of the company’s stock, valued at $2,023,119.75. The disclosure for this sale can be found here. Insiders have sold a total of 58,738 shares of company stock worth $15,532,417 over the last 90 days. 47.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRVL. Raymond James Financial Services Advisors Inc. lifted its position in CorVel by 77.9% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 10,876 shares of the business services provider’s stock valued at $2,689,000 after buying an additional 4,764 shares during the last quarter. Boston Trust Walden Corp lifted its holdings in shares of CorVel by 1.0% in the 4th quarter. Boston Trust Walden Corp now owns 280,702 shares of the business services provider’s stock worth $69,392,000 after acquiring an additional 2,675 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of CorVel in the 4th quarter worth approximately $1,112,000. New York State Common Retirement Fund boosted its position in shares of CorVel by 8.3% during the fourth quarter. New York State Common Retirement Fund now owns 3,900 shares of the business services provider’s stock worth $964,000 after buying an additional 299 shares during the period. Finally, Linden Thomas Advisory Services LLC raised its holdings in shares of CorVel by 26.6% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 1,880 shares of the business services provider’s stock valued at $465,000 after buying an additional 395 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 for employers, third party administrators, insurance companies, and government agencies to assist them in managing the medical costs and monitoring the quality of care associated with healthcare claims. 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.