Cardinal Infrastructure Group (NASDAQ:CDNL) Trading 5.5% Higher – Here’s What Happened

Shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) were up 5.5% on Monday . The company traded as high as $38.00 and last traded at $38.07. Approximately 59,656 shares changed hands during trading, a decline of 81% from the average daily volume of 309,944 shares. The stock had previously closed at $36.10.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CDNL shares. DA Davidson raised their price target on Cardinal Infrastructure Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, February 19th. Zacks Research upgraded shares of Cardinal Infrastructure Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 6th. Stifel Nicolaus reaffirmed a “buy” rating and set a $41.00 target price (up from $38.00) on shares of Cardinal Infrastructure Group in a report on Monday. Finally, Weiss Ratings began coverage on shares of Cardinal Infrastructure Group in a research note on Monday, March 9th. They issued a “sell (e)” rating on the stock. One investment 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, the company has a consensus rating of “Moderate Buy” and a consensus target price of $38.00.

Cardinal Infrastructure Group Trading Up 2.5%

The stock’s fifty day moving average price is $29.48.

Insider Activity

In other news, Director Ivy Zelman acquired 6,921 shares of the firm’s stock in a transaction that occurred on Thursday, March 26th. The shares were acquired at an average cost of $36.33 per share, with a total value of $251,439.93. Following the completion of the purchase, the director directly owned 15,326 shares of the company’s stock, valued at $556,793.58. The trade was a 82.34% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Institutional Investors Weigh In On Cardinal Infrastructure Group

A number of hedge funds have recently made changes to their positions in the stock. Taylor Frigon Capital Management LLC bought a new position in shares of Cardinal Infrastructure Group in the 4th quarter valued at $1,209,000. Kornitzer Capital Management Inc. KS acquired a new position in Cardinal Infrastructure Group in the 4th quarter worth about $850,000. TimesSquare Capital Management LLC bought a new position in Cardinal Infrastructure Group in the fourth quarter valued at about $14,612,000. Goldman Sachs Group Inc. acquired a new stake in shares of Cardinal Infrastructure Group during the fourth quarter valued at about $3,893,000. Finally, CenterBook Partners LP bought a new stake in shares of Cardinal Infrastructure Group during the fourth quarter worth about $1,994,000.

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.