Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Price Down 7.4% – Here’s What Happened

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price traded down 7.4% during trading on Monday . The company traded as low as $50.88 and last traded at $50.6450. 225,010 shares changed hands during trading, a decline of 35% from the average session volume of 344,232 shares. The stock had previously closed at $54.69.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Weiss Ratings assumed coverage on shares of Cardinal Infrastructure Group in a report on Monday, March 9th. They set a “sell (e)” rating on the stock. DA Davidson lifted their price target on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Zacks Research lowered shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $41.00 target price (up from $38.00) on shares of Cardinal Infrastructure Group in a report on Monday, March 30th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $38.00.

Cardinal Infrastructure Group Price Performance

The stock’s 50-day simple moving average is $39.18.

Insider Buying and Selling

In related news, Director Ivy Zelman purchased 6,921 shares of the stock in a transaction that occurred 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 owned 15,326 shares of the company’s stock, valued at $556,793.58. This represents a 82.34% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 61.70% of the company’s stock.

Institutional Investors Weigh In On Cardinal Infrastructure Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDNL. Taylor Frigon Capital Management LLC purchased a new stake in Cardinal Infrastructure Group in the 4th quarter valued at about $1,209,000. Kornitzer Capital Management Inc. KS purchased a new stake in Cardinal Infrastructure Group in the 4th quarter valued at about $850,000. TimesSquare Capital Management LLC purchased a new stake in Cardinal Infrastructure Group in the 4th quarter valued at about $14,612,000. Goldman Sachs Group Inc. purchased a new stake in Cardinal Infrastructure Group in the 4th quarter valued at about $3,893,000. Finally, CenterBook Partners LP purchased a new stake in Cardinal Infrastructure Group in the 4th quarter valued at about $1,994,000.

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.