Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Price Up 7.3% – Here’s Why

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shot up 7.3% during mid-day trading on Friday . The stock traded as high as $36.83 and last traded at $36.6150. Approximately 59,792 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 522,216 shares. The stock had previously closed at $34.11.

Analyst Ratings Changes

Several research firms recently weighed in on CDNL. Zacks Research cut shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Stifel Nicolaus dropped their target price on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Oppenheimer cut their target price on Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cardinal Infrastructure Group in a research report on Thursday, August 27th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cardinal Infrastructure Group currently has a consensus rating of “Hold” and an average price target of $52.33.

Cardinal Infrastructure Group Stock Performance

The stock has a market capitalization of $1.73 billion and a P/E ratio of 65.63. The company has a 50 day simple moving average of $54.15 and a 200-day simple moving average of $52.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.59 and a quick ratio of 3.59.

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

Insider Buying and Selling

In other news, COO Benjamin Wood bought 25,700 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were 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 of the company’s stock, valued at approximately $1,804,236. The trade was a 128.50% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ivy Zelman acquired 12,647 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average price of $39.61 per share, for a total transaction of $500,947.67. Following the transaction, the director directly owned 32,891 shares of the company’s stock, valued at $1,302,812.51. This represents a 62.47% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 214,597 shares of company stock worth $8,285,516 in the last 90 days. 61.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cardinal Infrastructure Group

A number of institutional investors have recently made changes to their positions in CDNL. TimesSquare Capital Management LLC bought a new stake in shares of Cardinal Infrastructure Group during the 4th quarter worth $14,612,000. Goldman Sachs Group Inc. bought a new position in Cardinal Infrastructure Group in the fourth quarter valued at $3,893,000. CenterBook Partners LP purchased a new stake in Cardinal Infrastructure Group during the fourth quarter valued at about $1,994,000. Nuveen LLC bought a new stake in Cardinal Infrastructure Group during the fourth quarter worth about $7,246,000. Finally, Federated Hermes Inc. bought a new stake in Cardinal Infrastructure Group during the fourth quarter worth about $8,955,000.

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.