Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Price Down 7.9% – Here’s Why

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s share price was down 7.9% during trading on Wednesday. The company traded as low as $27.09 and last traded at $26.44. Approximately 18,860 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 533,747 shares. The stock had previously closed at $28.72.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CDNL shares. Oppenheimer dropped their target price on shares of Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. Truist Financial assumed coverage on shares of Cardinal Infrastructure Group in a research note on Friday, September 25th. They issued a “buy” rating and a $40.00 target price on the stock. Stifel Nicolaus lowered their price target on Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Weiss Ratings upgraded Cardinal Infrastructure Group from a “sell (e+)” rating to a “hold (c)” rating in a research note on Tuesday, September 22nd. Finally, Zacks Research downgraded Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.25.

Cardinal Infrastructure Group Trading Down 11.5%

The company has a market capitalization of $1.21 billion and a PE ratio of 46.23. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.32. The business’s 50-day simple moving average is $39.97 and its two-hundred day simple moving average is $51.92.

Cardinal Infrastructure Group (NASDAQ:CDNL) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The company had revenue of $226.93 million during the quarter. On average, analysts predict that Cardinal Infrastructure Group Inc. will post 1.85 earnings per share for the current year.

Insider Transactions at Cardinal Infrastructure Group

In related news, Director Leon Wood purchased 51,400 shares of Cardinal Infrastructure Group stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $39.36 per share, with a total value of $2,023,104.00. Following the completion of the transaction, the director owned 51,400 shares of the company’s stock, valued at approximately $2,023,104. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ivy Zelman acquired 12,647 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average cost of $39.61 per share, with a total value of $500,947.67. Following the completion of the acquisition, the director owned 32,891 shares of the company’s stock, valued at $1,302,812.51. The trade was a 62.47% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 214,597 shares of company stock valued at $8,285,516 over the last ninety days. 61.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cardinal Infrastructure Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new stake in Cardinal Infrastructure Group during the first quarter valued at $2,704,000. Bank of America Corp DE boosted its holdings in shares of Cardinal Infrastructure Group by 139.4% in the 1st quarter. Bank of America Corp DE now owns 125,804 shares of the company’s stock valued at $4,989,000 after buying an additional 73,259 shares during the period. Ranger Investment Management L.P. bought a new stake in shares of Cardinal Infrastructure Group during the 2nd quarter valued at about $11,768,000. Principal Financial Group Inc. grew its position in shares of Cardinal Infrastructure Group by 198.8% during the 1st quarter. Principal Financial Group Inc. now owns 428,263 shares of the company’s stock valued at $16,983,000 after buying an additional 284,918 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Cardinal Infrastructure Group during the second quarter worth about $14,687,000.

Cardinal Infrastructure Group Company Profile

Cardinal Infrastructure Group, Inc (NASDAQ: CDNL) is an infrastructure services company serving customers in the telecommunications and utility industries. The company focuses on the development, construction, installation and maintenance of infrastructure used to support communications networks and essential utility systems.

Its service offerings are centered on communications and utility infrastructure projects, including work associated with fiber-optic and other network deployments.