Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Down 7.9% – Time to Sell?

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price dropped 7.9% 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

A number of research analysts have issued reports on CDNL shares. Weiss Ratings raised shares of Cardinal Infrastructure Group from a “sell (e+)” rating to a “hold (c)” rating in a report on Tuesday, September 22nd. Stifel Nicolaus dropped their price objective on 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. Truist Financial started coverage on Cardinal Infrastructure Group in a report on Friday, September 25th. They set a “buy” rating and a $40.00 price objective for the company. Oppenheimer decreased their target price on Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Finally, Zacks Research lowered Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Cardinal Infrastructure Group has an average rating of “Moderate Buy” and an average 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 market capitalization of $1.21 billion and a PE ratio of 46.23. The stock’s 50 day moving average price is $39.97 and its two-hundred day moving average price is $51.92.

Cardinal Infrastructure Group (NASDAQ:CDNL) last announced its earnings results on Tuesday, August 11th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The business had revenue of $226.93 million during the quarter. On average, equities analysts expect that Cardinal Infrastructure Group Inc. will post 1.85 earnings per share for the current year.

Insider Buying and Selling at Cardinal Infrastructure Group

In related news, CEO Jeremy Spivey acquired 83,350 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average price of $38.41 per share, for a total transaction of $3,201,473.50. Following the transaction, the chief executive officer owned 83,350 shares in the company, valued at $3,201,473.50. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Benjamin Wood bought 25,700 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average cost of $39.48 per share, with a total value of $1,014,636.00. Following the purchase, the chief operating officer directly owned 45,700 shares in the company, valued at $1,804,236. The trade was a 128.50% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 214,597 shares of company stock valued at $8,285,516. 61.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Conversant Capital LLC purchased a new position in shares of Cardinal Infrastructure Group during the 1st quarter worth about $18,702,000. Principal Financial Group Inc. raised its stake in Cardinal Infrastructure Group by 198.8% during 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 during the period. Engle Capital Management L.P. boosted its holdings in shares of Cardinal Infrastructure Group by 142.7% in the 1st quarter. Engle Capital Management L.P. now owns 318,000 shares of the company’s stock valued at $12,610,000 after purchasing an additional 187,000 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Cardinal Infrastructure Group during the 2nd quarter valued at $14,687,000. Finally, Ranger Investment Management L.P. acquired a new stake in shares of Cardinal Infrastructure Group during the 2nd quarter worth $11,768,000.

About Cardinal Infrastructure Group

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.