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

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s share price reached a new 52-week high on Thursday . The stock traded as high as $77.44 and last traded at $74.89, with a volume of 572190 shares changing hands. The stock had previously closed at $70.64.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CDNL. Weiss Ratings upgraded shares of Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Monday, June 1st. Zacks Research downgraded shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Stifel Nicolaus lifted their target price on shares of Cardinal Infrastructure Group from $41.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. DA Davidson lifted their target price on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, February 19th. Finally, Oppenheimer lifted their target price on shares of Cardinal Infrastructure Group from $60.00 to $80.00 and gave the company an “outperform” rating in a report on Monday. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $59.33.

Cardinal Infrastructure Group Stock Performance

The business’s 50-day moving average is $53.99.

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

Insider Activity at Cardinal Infrastructure Group

In other Cardinal Infrastructure Group news, COO Benjamin Wood purchased 20,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was bought at an average price 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. Also, Director Ivy Zelman purchased 6,921 shares of the firm’s stock in a transaction on Thursday, March 26th. The stock was acquired at an average cost of $36.33 per share, with a total value of $251,439.93. Following the transaction, the director directly owned 15,326 shares in the company, valued at $556,793.58. This trade represents a 82.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 61.70% of the company’s stock.

Hedge Funds Weigh In On Cardinal Infrastructure Group

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