Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Gets Downgrade from Zacks Research

Cardinal Infrastructure Group (NASDAQ:CDNL) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday, Zacks reports.

CDNL has been the subject of a number of other research reports. Stifel Nicolaus cut their price objective on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Oppenheimer decreased their target price on shares of Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Weiss Ratings cut shares of Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Finally, Truist Financial initiated coverage on shares of Cardinal Infrastructure Group in a research report on Friday, September 25th. They issued a “buy” rating and a $40.00 price target for the company. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Cardinal Infrastructure Group has an average rating of “Moderate Buy” and an average target price of $49.25.

Cardinal Infrastructure Group Stock Performance

Shares of Cardinal Infrastructure Group stock traded down $1.30 during trading on Thursday, reaching $14.62. The company’s stock had a trading volume of 3,004,144 shares, compared to its average volume of 1,023,889. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.32. The business’s 50-day moving average price is $33.13 and its 200-day moving average price is $50.96. Cardinal Infrastructure Group has a 52 week low of $14.09 and a 52 week high of $96.40. The firm has a market cap of $694.01 million and a PE ratio of 26.58.

Cardinal Infrastructure Group (NASDAQ:CDNL) last released 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 for the quarter. Equities analysts forecast that Cardinal Infrastructure Group will post 1.76 earnings per share for the current year.

Insider Buying and Selling at Cardinal Infrastructure Group

In other news, COO Benjamin Wood acquired 25,700 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average cost of $39.48 per share, with a total value of $1,014,636.00. Following the completion of the purchase, the chief operating officer directly owned 45,700 shares of the company’s stock, valued at $1,804,236. The trade was a 128.50% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jeremy Spivey acquired 83,350 shares of the stock in a transaction on Friday, August 14th. The shares were purchased at an average price of $38.41 per share, with a total value of $3,201,473.50. Following the completion of the transaction, the chief executive officer owned 83,350 shares of the company’s stock, valued at approximately $3,201,473.50. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 214,597 shares of company stock worth $8,285,516 in the last three months. 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 modified their holdings of the business. California State Teachers Retirement System bought a new position in shares of Cardinal Infrastructure Group during the first quarter worth about $28,000. Strs Ohio acquired a new position in shares of Cardinal Infrastructure Group in the first quarter worth approximately $87,000. Round Rock Advisors LLC boosted its holdings in Cardinal Infrastructure Group by 18.7% in the second quarter. Round Rock Advisors LLC now owns 22,438 shares of the company’s stock valued at $2,114,000 after acquiring an additional 3,541 shares during the last quarter. GatePass Capital LLC bought a new stake in Cardinal Infrastructure Group in the first quarter valued at approximately $274,000. Finally, Wasatch Advisors LP increased its position in Cardinal Infrastructure Group by 1.3% during the 1st quarter. Wasatch Advisors LP now owns 693,050 shares of the company’s stock valued at $27,483,000 after purchasing an additional 9,064 shares during the period.

About Cardinal Infrastructure Group

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.