Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Gap Up – Here’s What Happened

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shares gapped up before the market opened on Monday. The stock had previously closed at $14.62, but opened at $15.56. Cardinal Infrastructure Group shares last traded at $15.2750, with a volume of 117,231 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Stifel Nicolaus decreased 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 research note on Wednesday, August 12th. Weiss Ratings downgraded shares of Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Oppenheimer decreased 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 note on Wednesday, August 12th. Truist Financial assumed coverage on shares of Cardinal Infrastructure Group in a research note on Friday, September 25th. They set a “buy” rating and a $40.00 target price for the company. Finally, Zacks Research cut shares of Cardinal Infrastructure Group from a “hold” rating to a “strong sell” rating in a report on Thursday. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.25.

Cardinal Infrastructure Group Stock Performance

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 firm has a 50-day simple moving average of $33.13 and a two-hundred day simple moving average of $51.05. The company has a market capitalization of $730.04 million and a price-to-earnings ratio of 27.95.

Cardinal Infrastructure Group (NASDAQ:CDNL) last announced its quarterly earnings results 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 during the quarter. As a group, sell-side analysts forecast that Cardinal Infrastructure Group Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Transactions at Cardinal Infrastructure Group

In other Cardinal Infrastructure Group news, Director Richard Melvin Jr. Lee bought 34,000 shares of Cardinal Infrastructure Group stock in a transaction on Friday, August 14th. The stock was purchased at an average cost of $36.82 per share, for a total transaction of $1,251,880.00. Following the completion of the purchase, the director directly owned 68,254 shares of the company’s stock, valued at $2,513,112.28. The trade was a 99.26% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ivy Zelman bought 12,647 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was acquired at an average cost 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 approximately $1,302,812.51. This represents a 62.47% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 214,597 shares of company stock valued at $8,285,516 in the last ninety days. 61.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CDNL. Wasatch Advisors LP raised its holdings in shares of 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 in the last quarter. Emerald Advisers LLC boosted its holdings in Cardinal Infrastructure Group by 12.7% in the first quarter. Emerald Advisers LLC now owns 578,600 shares of the company’s stock worth $22,944,000 after purchasing an additional 65,245 shares in the last quarter. Conversant Capital LLC bought a new stake in Cardinal Infrastructure Group in the first quarter worth $18,702,000. Principal Financial Group Inc. boosted its holdings in Cardinal Infrastructure Group by 198.8% in the first quarter. Principal Financial Group Inc. now owns 428,263 shares of the company’s stock worth $16,983,000 after purchasing an additional 284,918 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in Cardinal Infrastructure Group during the second quarter worth $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.