Short Interest in CorVel Co. (NASDAQ:CRVL) Drops By 6.8%

CorVel Co. (NASDAQ:CRVL) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 305,500 shares, a drop of 6.8% from the September 30th total of 327,800 shares. Based on an average daily trading volume, of 77,500 shares, the days-to-cover ratio is currently 3.9 days. Currently, 3.2% of the shares of the company are sold short.

Shares of CRVL traded up $0.90 during trading hours on Monday, reaching $77.47. The stock had a trading volume of 682 shares, compared to its average volume of 56,121. The stock has a market capitalization of $1.39 billion, a PE ratio of 29.50 and a beta of 0.67. CorVel has a 12 month low of $59.16 and a 12 month high of $93.96. The company’s 50-day moving average is $77.59 and its two-hundred day moving average is $80.85. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.65 and a current ratio of 1.65.

Several equities analysts recently commented on the company. ValuEngine upgraded CorVel from a “strong sell” rating to a “sell” rating in a research report on Monday, November 11th. BidaskClub downgraded CorVel from a “hold” rating to a “sell” rating in a research report on Saturday.

In other CorVel news, Chairman V Gordon Clemons sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $77.75, for a total value of $155,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Maxim Shishin sold 4,383 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $75.34, for a total value of $330,215.22. Following the completion of the sale, the insider now owns 2,100 shares of the company’s stock, valued at approximately $158,214. The disclosure for this sale can be found here. Insiders sold a total of 64,181 shares of company stock worth $5,084,849 in the last ninety days. Insiders own 50.70% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Aperio Group LLC grew its position in shares of CorVel by 40.3% during the second quarter. Aperio Group LLC now owns 6,186 shares of the business services provider’s stock worth $538,000 after acquiring an additional 1,778 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in CorVel by 50.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 682 shares of the business services provider’s stock worth $59,000 after acquiring an additional 229 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in shares of CorVel in the 2nd quarter worth about $35,000. Chicago Equity Partners LLC lifted its holdings in CorVel by 6.5% during the 3rd quarter. Chicago Equity Partners LLC now owns 3,100 shares of the business services provider’s stock valued at $235,000 after buying an additional 190 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its holdings in shares of CorVel by 6.6% in the 2nd quarter. Panagora Asset Management Inc. now owns 68,635 shares of the business services provider’s stock valued at $5,972,000 after acquiring an additional 4,261 shares during the last quarter. Hedge funds and other institutional investors own 47.59% of the company’s stock.

About CorVel

CorVel Corporation provides workers' compensation solutions for employers, third party administrators, insurance companies, and government agencies seeking to control costs and promote positive outcomes. It applies technology, intelligence, and a human touch to the risk management process that enables its clients to intervene early and connected to the critical intelligence they need to proactively manage risk.

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