CorVel (NASDAQ:CRVL) Announces Earnings Results

CorVel (NASDAQ:CRVL) announced its quarterly earnings results on Tuesday. The business services provider reported $0.63 earnings per share for the quarter, FiscalAI reports. CorVel had a return on equity of 29.92% and a net margin of 11.51%.The firm had revenue of $259.93 million for the quarter.

CorVel Trading Down 2.8%

Shares of CRVL traded down $1.72 during trading hours on Thursday, reaching $60.85. 29,055 shares of the company traded hands, compared to its average volume of 225,552. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of 28.57 and a beta of 0.98. The stock’s fifty day moving average price is $61.01 and its 200 day moving average price is $57.88. CorVel has a 12-month low of $44.83 and a 12-month high of $93.71.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CRVL shares. Weiss Ratings upgraded shares of CorVel from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, July 16th. Wall Street Zen upgraded shares of CorVel from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Insiders Place Their Bets

In other news, insider Maxim Shishin sold 2,250 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $60.59, for a total value of $136,327.50. Following the completion of the transaction, the insider directly owned 7,050 shares of the company’s stock, valued at approximately $427,159.50. The trade was a 24.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jeffrey J. Michael sold 9,000 shares of the stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $60.98, for a total value of $548,820.00. Following the completion of the sale, the director owned 559,721 shares of the company’s stock, valued at approximately $34,131,786.58. This trade represents a 1.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,249 shares of company stock worth $807,126 in the last three months. Corporate insiders own 39.72% of the company’s stock.

Institutional Trading of CorVel

Several hedge funds have recently made changes to their positions in CRVL. Norges Bank purchased a new position in shares of CorVel in the 4th quarter valued at about $29,250,000. Qube Research & Technologies Ltd raised its stake in shares of CorVel by 100.9% during the 3rd quarter. Qube Research & Technologies Ltd now owns 236,713 shares of the business services provider’s stock worth $18,326,000 after buying an additional 118,879 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of CorVel by 249.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 117,395 shares of the business services provider’s stock worth $12,066,000 after purchasing an additional 83,757 shares during the period. Quantinno Capital Management LP increased its holdings in shares of CorVel by 328.4% in the 1st quarter. Quantinno Capital Management LP now owns 81,544 shares of the business services provider’s stock valued at $4,456,000 after purchasing an additional 62,508 shares in the last quarter. Finally, Two Sigma Investments LP lifted its stake in shares of CorVel by 588.2% in the third quarter. Two Sigma Investments LP now owns 72,745 shares of the business services provider’s stock valued at $5,632,000 after purchasing an additional 62,175 shares during the period. Hedge funds and other institutional investors own 51.36% of the company’s stock.

CorVel Company Profile

CorVel Corporation (NASDAQ: CRVL) is a technology-driven provider of workers’ compensation, liability, and specialty risk management solutions. The company develops and deploys software and data analytics tools to streamline claims administration, medical cost containment, prescription drug management, and provider network access. CorVel’s integrated platform connects employers, insurers, healthcare providers, and injured workers, aiming to improve outcomes and control costs through process automation and real-time decision support.

The company’s product suite includes claims lifecycle management, bill review and negotiation, virtual care and telehealth services, pharmacy benefit management, and independent medical examinations (IMEs).