Cardinal Infrastructure Group (NASDAQ:CDNL) Trading 8.2% Higher – Still a Buy?

Shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shot up 8.2% on Tuesday . The company traded as high as $32.43 and last traded at $31.71. 156,287 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 260,861 shares. The stock had previously closed at $29.32.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CDNL shares. Zacks Research upgraded Cardinal Infrastructure Group from a “hold” rating to a “strong-buy” rating in a research note on Friday. Stifel Nicolaus raised their target price on shares of Cardinal Infrastructure Group from $28.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Finally, DA Davidson upped their price target on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $33.00.

Cardinal Infrastructure Group Trading Up 4.1%

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CDNL. Schonfeld Strategic Advisors LLC bought a new position in Cardinal Infrastructure Group during the fourth quarter worth $31,082,000. Ophir Asset Management Pty Ltd bought a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at about $23,865,000. Wasatch Advisors LP acquired a new stake in shares of Cardinal Infrastructure Group during the 4th quarter worth about $16,539,000. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Cardinal Infrastructure Group during the 4th quarter worth about $14,992,000. Finally, TimesSquare Capital Management LLC bought a new stake in shares of Cardinal Infrastructure Group during the 4th quarter worth about $14,612,000.

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.