CorVel (NASDAQ:CRVL) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Shares of CorVel Co. (NASDAQ:CRVL) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $104.83 and traded as high as $347.45. CorVel shares last traded at $347.45, with a volume of 23,165 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com cut CorVel from a “buy” rating to a “hold” rating in a research note on Saturday, August 31st.

CorVel Trading Up 2.7 %

The stock has a market cap of $5.95 billion, a price-to-earnings ratio of 73.77 and a beta of 1.14. The company has a 50 day simple moving average of $118.25 and a 200-day simple moving average of $104.83.

Insider Buying and Selling at CorVel

In other news, EVP Mark E. Bertels sold 1,050 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was 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 in the company, valued at $307,321. This trade represents a 28.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 47.57% of the company’s stock.

Institutional Inflows and Outflows

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

CorVel Company Profile

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.