Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Down 6.4% – Here’s What Happened

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shares were down 6.4% on Wednesday . The stock traded as low as $42.33 and last traded at $42.2390. 201,988 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 524,242 shares. The stock had previously closed at $45.14.

Analyst Upgrades and Downgrades

CDNL has been the topic of a number of recent analyst reports. Stifel Nicolaus reduced their price target on 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. Zacks Research lowered Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Weiss Ratings upgraded Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Monday, June 1st. Finally, Oppenheimer decreased their price target on Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $52.33.

Cardinal Infrastructure Group Stock Performance

The company has a market cap of $1.81 billion and a PE ratio of 76.82. The stock’s 50 day simple moving average is $67.02 and its two-hundred day simple moving average is $50.82. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.32.

Cardinal Infrastructure Group (NASDAQ:CDNL) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.22). The firm had revenue of $226.93 million for the quarter. As a group, research analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.82 earnings per share for the current year.

Insider Transactions at Cardinal Infrastructure Group

In other news, COO Benjamin Wood acquired 25,700 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were bought at an average cost of $39.48 per share, for a total transaction of $1,014,636.00. Following the acquisition, the chief operating officer directly owned 45,700 shares in the company, valued at $1,804,236. This trade represents a 128.50% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jeremy Simmons Spivey acquired 83,350 shares of Cardinal Infrastructure Group stock in a transaction dated Friday, August 14th. The stock was purchased at an average cost of $38.41 per share, for a total transaction of $3,201,473.50. Following the completion of the purchase, the chief executive officer directly owned 83,350 shares in the company, valued at approximately $3,201,473.50. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 234,597 shares of company stock valued at $9,311,516 in the last ninety days. Company insiders own 61.70% of the company’s stock.

Institutional Trading of Cardinal Infrastructure Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Schonfeld Strategic Advisors LLC acquired a new position in Cardinal Infrastructure Group during the fourth quarter valued at approximately $31,082,000. Ophir Asset Management Pty Ltd acquired a new stake in shares of Cardinal Infrastructure Group in the fourth quarter worth $23,865,000. Wasatch Advisors LP raised its stake in shares of Cardinal Infrastructure Group by 1.3% in the 1st quarter. Wasatch Advisors LP now owns 693,050 shares of the company’s stock valued at $27,483,000 after acquiring an additional 9,064 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in shares of Cardinal Infrastructure Group in the 4th quarter valued at $14,992,000. Finally, TimesSquare Capital Management LLC acquired a new position in shares of Cardinal Infrastructure Group during the 4th quarter valued at $14,612,000.

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.