Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Down 7.9% – What’s Next?

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. 18,860 shares were traded during trading, a decline of 96% from the average daily volume of 533,747 shares. The stock had previously closed at $28.72.

Analyst Ratings Changes

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

Cardinal Infrastructure Group Stock Down 3.9%

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 company has a market capitalization of $1.19 billion and a P/E ratio of 45.56. The stock has a 50 day moving average price of $38.56 and a 200 day moving average price of $51.81.

Cardinal Infrastructure Group (NASDAQ:CDNL) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.26 earnings per share 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, research analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.85 earnings per share for the current fiscal year.

Insider Activity at Cardinal Infrastructure Group

In other Cardinal Infrastructure Group news, CEO Jeremy Spivey acquired 83,350 shares of Cardinal Infrastructure Group stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $38.41 per share, with a total value 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 $3,201,473.50. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Leon Wood acquired 51,400 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price of $39.36 per share, with a total value of $2,023,104.00. Following the completion of the acquisition, the director directly owned 51,400 shares of the company’s stock, valued at $2,023,104. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders purchased 214,597 shares of company stock valued at $8,285,516. Corporate insiders own 61.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CDNL. California State Teachers Retirement System acquired a new stake in shares of Cardinal Infrastructure Group in the first quarter valued at about $28,000. Strs Ohio bought a new stake in Cardinal Infrastructure Group in the first quarter valued at approximately $87,000. GatePass Capital LLC bought a new stake in Cardinal Infrastructure Group in the first quarter valued at approximately $274,000. Bank of Nova Scotia acquired a new stake in Cardinal Infrastructure Group during the 1st quarter valued at approximately $366,000. Finally, Round Rock Advisors LLC increased its position in Cardinal Infrastructure Group by 18.7% during the 2nd quarter. Round Rock Advisors LLC now owns 22,438 shares of the company’s stock valued at $2,114,000 after purchasing an additional 3,541 shares during the period.

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.