Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Down 8.5% – Here’s What Happened

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price dropped 8.5% during mid-day trading on Wednesday . The stock traded as low as $86.76 and last traded at $86.1530. 640,660 shares were traded during trading, an increase of 44% from the average daily volume of 445,354 shares. The stock had previously closed at $94.20.

Analyst Ratings Changes

CDNL has been the topic of a number of analyst reports. Oppenheimer upped their price target on Cardinal Infrastructure Group from $60.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, June 15th. Stifel Nicolaus lifted their price objective on Cardinal Infrastructure Group from $41.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Zacks Research cut Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Weiss Ratings raised shares of Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Monday, June 1st. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $59.33.

Cardinal Infrastructure Group Price Performance

The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.73. The company has a 50-day moving average price of $60.93.

Cardinal Infrastructure Group (NASDAQ:CDNL) last posted its quarterly earnings results on Monday, March 23rd. The company reported $1.98 earnings per share (EPS) for the quarter. The business had revenue of $418.92 million for the quarter. On average, research analysts predict that Cardinal Infrastructure Group Inc. will post 1.87 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Benjamin Wood bought 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was acquired at an average cost of $51.30 per share, with a total value of $1,026,000.00. Following the transaction, the chief operating officer directly owned 20,000 shares of the company’s stock, valued at approximately $1,026,000. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 61.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Cardinal Infrastructure Group

Several hedge funds and other institutional investors have recently modified their holdings of CDNL. Taylor Frigon Capital Management LLC acquired a new position in shares of Cardinal Infrastructure Group during the fourth quarter worth approximately $1,209,000. Kornitzer Capital Management Inc. KS acquired a new stake in Cardinal Infrastructure Group in the 4th quarter valued at $850,000. TimesSquare Capital Management LLC bought a new stake in Cardinal Infrastructure Group during the 4th quarter valued at $14,612,000. Goldman Sachs Group Inc. acquired a new position in Cardinal Infrastructure Group during the fourth quarter worth $3,893,000. Finally, CenterBook Partners LP acquired a new position in Cardinal Infrastructure Group during the fourth quarter worth $1,994,000.

Cardinal Infrastructure Group Company Profile

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.