Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Price Down 8.1% Following Analyst Downgrade

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shares fell 8.1% during trading on Tuesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $48.10 and last traded at $47.9250. 193,517 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 342,011 shares. The stock had previously closed at $52.14.

Several other analysts have also recently commented on CDNL. Stifel Nicolaus restated a “buy” rating and issued a $41.00 target price (up from $38.00) on shares of Cardinal Infrastructure Group in a research report on Monday, March 30th. DA Davidson raised their target price on Cardinal Infrastructure Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, February 19th. Finally, Weiss Ratings began coverage on Cardinal Infrastructure Group in a research report on Monday, March 9th. They issued a “sell (e)” rating on the stock. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $38.00.

Insider Transactions at Cardinal Infrastructure Group

In other news, Director Ivy Zelman purchased 6,921 shares of the firm’s stock in a transaction on Thursday, March 26th. The stock was purchased at an average cost of $36.33 per share, with a total value of $251,439.93. Following the purchase, the director owned 15,326 shares in the company, valued at $556,793.58. This trade represents a 82.34% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Hedge Funds Weigh In On Cardinal Infrastructure Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wasatch Advisors LP boosted its stake 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 in the last quarter. XTX Topco Ltd bought a new position in Cardinal Infrastructure Group during the 4th quarter valued at $242,000. Readystate Asset Management LP bought a new position in Cardinal Infrastructure Group during the 4th quarter valued at $2,539,000. Osterweis Capital Management Inc. bought a new position in Cardinal Infrastructure Group during the 4th quarter valued at $1,843,000. Finally, Oxford Asset Management LLP bought a new position in Cardinal Infrastructure Group during the 4th quarter valued at $355,000.

Cardinal Infrastructure Group Stock Down 3.3%

The business’s 50 day simple moving average is $36.43.

About Cardinal Infrastructure Group

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.