Cardinal Infrastructure Group (NASDAQ:CDNL) Downgraded by Zacks Research to “Strong Sell”

Cardinal Infrastructure Group (NASDAQ:CDNL) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Several other brokerages have also issued reports on CDNL. Weiss Ratings lowered shares of Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. 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 price objective on the stock. Oppenheimer cut their price objective 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. Finally, Stifel Nicolaus cut their price objective on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Four equities 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.25.

Cardinal Infrastructure Group Stock Down 8.2%

Cardinal Infrastructure Group stock traded down $1.30 on Thursday, hitting $14.62. 3,004,144 shares of the stock traded hands, compared to its average volume of 1,023,889. 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 cap of $694.01 million and a P/E ratio of 26.58. The business’s fifty day simple moving average is $33.13 and its 200 day simple moving average is $50.96. Cardinal Infrastructure Group has a 1 year low of $14.09 and a 1 year high of $96.40.

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 firm had revenue of $226.93 million for the quarter. As a group, sell-side analysts forecast that Cardinal Infrastructure Group will post 1.76 earnings per share for the current year.

Insider Buying and Selling

In other Cardinal Infrastructure Group news, COO Benjamin Wood bought 25,700 shares of Cardinal Infrastructure Group stock in a transaction on Friday, August 14th. The stock was acquired at an average price of $39.48 per share, with a total value of $1,014,636.00. Following the acquisition, the chief operating officer owned 45,700 shares in the company, valued at approximately $1,804,236. This trade represents a 128.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard Melvin Jr. Lee purchased 34,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was acquired at an average price of $36.82 per share, with a total value of $1,251,880.00. Following the purchase, the director directly owned 68,254 shares of the company’s stock, valued at approximately $2,513,112.28. The trade was a 99.26% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 214,597 shares of company stock worth $8,285,516 over the last quarter. 61.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Cardinal Infrastructure Group

Large investors have recently bought and sold shares of the business. Round Rock Advisors LLC raised its holdings in shares of Cardinal Infrastructure Group by 18.7% during the second 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 last quarter. Wellington Management Group LLP bought a new position in Cardinal Infrastructure Group during the second quarter valued at approximately $14,687,000. Ranger Investment Management L.P. purchased a new stake in Cardinal Infrastructure Group in the second quarter worth approximately $11,768,000. Bank of America Corp DE boosted its holdings in Cardinal Infrastructure Group by 139.4% in the first quarter. Bank of America Corp DE now owns 125,804 shares of the company’s stock worth $4,989,000 after purchasing an additional 73,259 shares during the last quarter. Finally, California State Teachers Retirement System bought a new stake in Cardinal Infrastructure Group in the 1st quarter worth approximately $28,000.

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.