Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Price Down 7.4% – Here’s What Happened

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) was down 7.4% during mid-day trading on Monday . The stock traded as low as $50.88 and last traded at $50.6450. Approximately 225,010 shares changed hands during trading, a decline of 35% from the average daily volume of 344,232 shares. The stock had previously closed at $54.69.

Analysts Set New Price Targets

Several analysts recently issued reports on CDNL shares. DA Davidson increased 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. Weiss Ratings started coverage on shares of Cardinal Infrastructure Group in a research report on Monday, March 9th. They set a “sell (e)” rating on the stock. Stifel Nicolaus reiterated a “buy” rating and set a $41.00 price target (up from $38.00) on shares of Cardinal Infrastructure Group in a research report on Monday, March 30th. Finally, Zacks Research lowered shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $38.00.

Cardinal Infrastructure Group Trading Down 9.6%

The business’s 50-day moving average is $39.18.

Insiders Place Their Bets

In related news, Director Ivy Zelman bought 6,921 shares of the business’s stock in a transaction on Thursday, March 26th. The shares were purchased at an average price of $36.33 per share, for a total transaction of $251,439.93. Following the completion of the transaction, the director directly owned 15,326 shares of the company’s stock, valued at approximately $556,793.58. This represents a 82.34% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 61.70% of the stock is owned by corporate insiders.

Institutional Trading of Cardinal Infrastructure Group

Hedge funds have recently made changes to their positions in the company. Strs Ohio acquired a new stake in shares of Cardinal Infrastructure Group during the first quarter valued at about $87,000. Barclays PLC acquired a new stake in shares of Cardinal Infrastructure Group during the fourth quarter valued at about $152,000. Zuckerman Investment Group LLC acquired a new stake in shares of Cardinal Infrastructure Group during the fourth quarter valued at about $242,000. XTX Topco Ltd acquired a new stake in shares of Cardinal Infrastructure Group during the fourth quarter valued at about $242,000. Finally, Oxford Asset Management LLP acquired a new stake in shares of Cardinal Infrastructure Group during the fourth quarter valued at about $355,000.

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.