Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Falls 10.7% – Here’s What Happened

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price traded down 10.7% during mid-day trading on Tuesday. The stock traded as low as $19.36 and last traded at $18.6770. 258,472 shares were traded during trading, a decline of 53% from the average session volume of 554,390 shares. The stock had previously closed at $20.92.

Wall Street Analysts Forecast Growth

CDNL has been the topic of several analyst reports. Zacks Research downgraded Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings downgraded Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday. Oppenheimer reduced their price target 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. Stifel Nicolaus lowered their target price on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Finally, Truist Financial initiated coverage on Cardinal Infrastructure Group in a research report on Friday, September 25th. They issued a “buy” rating and a $40.00 target price on the stock. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $49.25.

Cardinal Infrastructure Group Price Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.59 and a current ratio of 3.59. The company’s fifty day moving average is $36.90 and its two-hundred day moving average is $51.62. The firm has a market cap of $851.23 million and a price-to-earnings ratio of 32.54.

Cardinal Infrastructure Group (NASDAQ:CDNL) last posted 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. Equities research analysts forecast that Cardinal Infrastructure Group Inc. will post 1.85 EPS for the current year.

Insider Activity at Cardinal Infrastructure Group

In related news, Director Ivy Zelman bought 12,647 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was purchased at an average price of $39.61 per share, with a total value of $500,947.67. Following the completion of the transaction, the director directly owned 32,891 shares of the company’s stock, valued at $1,302,812.51. This trade represents a 62.47% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Leon Wood purchased 51,400 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were acquired at an average price of $39.36 per share, for a total transaction of $2,023,104.00. Following the purchase, the director directly owned 51,400 shares of the company’s stock, valued at approximately $2,023,104. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders acquired 214,597 shares of company stock worth $8,285,516. Insiders own 61.70% of the company’s stock.

Hedge Funds Weigh In On Cardinal Infrastructure Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC bought a new position in shares of Cardinal Infrastructure Group during the 1st quarter worth approximately $2,704,000. Bank of America Corp DE increased its holdings in Cardinal Infrastructure Group by 139.4% during the first quarter. Bank of America Corp DE now owns 125,804 shares of the company’s stock worth $4,989,000 after buying an additional 73,259 shares during the last quarter. Ranger Investment Management L.P. bought a new stake in Cardinal Infrastructure Group during the second quarter worth $11,768,000. Principal Financial Group Inc. raised its position in Cardinal Infrastructure Group by 198.8% during the first quarter. Principal Financial Group Inc. now owns 428,263 shares of the company’s stock worth $16,983,000 after acquiring an additional 284,918 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Cardinal Infrastructure Group in the second quarter valued at $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.