Cardinal Infrastructure Group (NASDAQ:CDNL) Sets New 52-Week High – Still a Buy?

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $39.80 and last traded at $39.65, with a volume of 373706 shares. The stock had previously closed at $37.35.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CDNL shares. Weiss Ratings began coverage on shares of Cardinal Infrastructure Group in a report on Monday, March 9th. They issued a “sell (e)” rating on the stock. Zacks Research raised shares of Cardinal Infrastructure Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 6th. Stifel Nicolaus reiterated a “buy” rating and set a $41.00 price target (up from $38.00) on shares of Cardinal Infrastructure Group in a research report on Monday. Finally, DA Davidson boosted their price target on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $38.00.

Cardinal Infrastructure Group Price Performance

The firm has a 50-day simple moving average of $29.95.

Insider Activity

In other news, Director Ivy Zelman bought 6,921 shares of the firm’s stock in a transaction that occurred on Thursday, March 26th. The shares were purchased at an average price of $36.33 per share, with a total value of $251,439.93. Following the purchase, the director owned 15,326 shares in the company, valued at approximately $556,793.58. The trade was a 82.34% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Institutional Trading of Cardinal Infrastructure Group

A number of institutional investors and hedge funds have recently bought and sold shares of CDNL. Schonfeld Strategic Advisors LLC purchased a new stake in Cardinal Infrastructure Group during the fourth quarter worth about $31,082,000. Ophir Asset Management Pty Ltd purchased a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at approximately $23,865,000. Wasatch Advisors LP purchased a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at approximately $16,539,000. Adage Capital Partners GP L.L.C. acquired a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at approximately $14,992,000. Finally, TimesSquare Capital Management LLC acquired a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at approximately $14,612,000.

About Cardinal Infrastructure Group

We provide a comprehensive suite of infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets. Our operations leverage a large highly skilled workforce and a fleet of specialized equipment to deliver wet utility installations (water, sewer, and stormwater systems), as well as grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. We are becoming the platform of choice for a diverse array of infrastructure construction projects in our target geographies that require high-level technical expertise and sophistication.