Cardinal Infrastructure Group (NASDAQ:CDNL) Reaches New 1-Year High – Here’s Why

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $36.25 and last traded at $34.5250, with a volume of 22441 shares changing hands. The stock had previously closed at $33.18.

Wall Street Analyst Weigh In

CDNL has been the topic of several recent analyst reports. Zacks Research upgraded shares of Cardinal Infrastructure Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 6th. Weiss Ratings initiated coverage on shares of Cardinal Infrastructure Group in a research report on Monday, March 9th. They set a “sell (e)” rating for the company. DA Davidson lifted their price target on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, February 19th. Finally, Stifel Nicolaus boosted their price target on shares of Cardinal Infrastructure Group from $28.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, February 19th. 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 company’s stock. Based on data from MarketBeat.com, Cardinal Infrastructure Group presently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

Cardinal Infrastructure Group Stock Up 1.5%

The business’s 50 day moving average is $28.61.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Schonfeld Strategic Advisors LLC bought a new stake in Cardinal Infrastructure Group in the fourth quarter worth $31,082,000. Ophir Asset Management Pty Ltd purchased a new stake in Cardinal Infrastructure Group during the fourth quarter valued at $23,865,000. Wasatch Advisors LP bought a new position in Cardinal Infrastructure Group during the fourth quarter valued at $16,539,000. Adage Capital Partners GP L.L.C. bought a new position in Cardinal Infrastructure Group during the fourth quarter valued at $14,992,000. Finally, TimesSquare Capital Management LLC purchased a new position in shares of Cardinal Infrastructure Group in the 4th quarter worth $14,612,000.

Cardinal Infrastructure Group Company Profile

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.