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They're based on the stats a player puts up, but there's lots of factors that go into the ratings.
The pitching model is mostly FIP-based, so you have some cases like Verlander who has a great ERA, but his FIP is actually worse than projections, so he might actually see his card go down over time.
Batters tend to be less volatile, but also keep in mind that the week in question does matter. LeMahieu was mentioned above - he went from 81 to 79 last week. But that makes sense - he hit .181 for the week (4/22), so yeah, while his overall season numbers are still very good, he still dropped. You can't really look at the season numbers and think that just because a guy is having a good season he'll keep going up. Alonso is another good example of that - sure he hit another couple HR last week, but he didn't do much else and that cost him. He's got another 2 HR this week, but again, nothing else. If he puts up another 0-fer this weekend, then he'll keep dropping.
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