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

CorVel Co. (NASDAQ:CRVL) was the recipient of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 1,170,000 shares, a growth of 199.4% from the November 30th total of 390,800 shares. Approximately 12.3% of the company’s shares are short sold. Based on an average daily volume of 120,000 shares, the short-interest ratio is currently 9.8 days.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of CorVel from a “hold” rating to a “buy” rating in a report on Thursday.

Insider Buying and Selling

In other news, EVP Mark E. Bertels sold 1,050 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $119.12, for a total value of $125,072.50. Following the completion of the transaction, the executive vice president now owns 2,580 shares of the company’s stock, valued at approximately $307,321. This trade represents a 28.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 47.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CRVL. Bank of New York Mellon Corp boosted its stake in CorVel by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 73,617 shares of the business services provider’s stock worth $18,719,000 after buying an additional 1,479 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in CorVel by 2.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,143 shares of the business services provider’s stock worth $545,000 after purchasing an additional 46 shares during the last quarter. Farther Finance Advisors LLC purchased a new position in CorVel during the second quarter worth approximately $318,000. Rhumbline Advisers boosted its holdings in shares of CorVel by 1.1% in the 2nd quarter. Rhumbline Advisers now owns 28,023 shares of the business services provider’s stock valued at $7,125,000 after purchasing an additional 307 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of CorVel by 1.8% during the 2nd quarter. Arizona State Retirement System now owns 2,632 shares of the business services provider’s stock valued at $669,000 after buying an additional 46 shares during the period. 51.36% of the stock is owned by hedge funds and other institutional investors.

CorVel Trading Down 1.1 %

Shares of NASDAQ:CRVL traded down $1.22 during trading on Friday, hitting $113.74. 135,507 shares of the stock were exchanged, compared to its average volume of 113,168. The company has a market cap of $1.95 billion, a PE ratio of 24.15 and a beta of 1.14. The company has a fifty day moving average price of $123.41 and a two-hundred day moving average price of $107.04. CorVel has a 12-month low of $74.63 and a 12-month high of $127.24.

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.