Cardinal Infrastructure Group (NASDAQ:CDNL) Hits New 52-Week High – Time to Buy?

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $37.48 and last traded at $36.71, with a volume of 316254 shares trading hands. The stock had previously closed at $34.72.

Analysts Set New Price Targets

Several brokerages have issued reports on CDNL. Zacks Research raised shares of Cardinal Infrastructure Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 6th. DA Davidson raised their price objective on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, February 19th. Stifel Nicolaus lifted their price objective on Cardinal Infrastructure Group from $31.00 to $38.00 and gave the company a “buy” rating in a report on Friday, March 20th. Finally, Weiss Ratings initiated coverage on Cardinal Infrastructure Group in a research note on Monday, March 9th. They set a “sell (e)” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Cardinal Infrastructure Group has an average rating of “Moderate Buy” and an average target price of $36.50.

Cardinal Infrastructure Group Trading Up 0.6%

The company has a 50-day simple moving average of $29.48.

Insider Activity at Cardinal Infrastructure Group

In related news, Director Ivy Zelman acquired 6,921 shares of Cardinal Infrastructure Group stock in a transaction that occurred on Thursday, March 26th. The stock was purchased at an average price of $36.33 per share, for a total transaction of $251,439.93. Following the completion of the purchase, the director directly owned 15,326 shares of the company’s stock, valued at approximately $556,793.58. This trade represents a 82.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Investors Weigh In On Cardinal Infrastructure Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC purchased a new position in Cardinal Infrastructure Group in the 4th quarter valued at approximately $152,000. Zuckerman Investment Group LLC acquired a new stake in Cardinal Infrastructure Group in the fourth quarter valued at $242,000. XTX Topco Ltd acquired a new stake in Cardinal Infrastructure Group in the fourth quarter valued at $242,000. Oxford Asset Management LLP purchased a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at $355,000. Finally, HRT Financial LP purchased a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at $586,000.

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.