Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Gap Down – Here’s Why

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) gapped down before the market opened on Tuesday . The stock had previously closed at $79.10, but opened at $70.28. Cardinal Infrastructure Group shares last traded at $77.9110, with a volume of 63,246 shares.

Analyst Ratings Changes

Several brokerages recently issued reports on CDNL. Weiss Ratings raised shares of Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a research note on Monday, June 1st. Zacks Research cut shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Stifel Nicolaus boosted their price target on Cardinal Infrastructure Group from $41.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Finally, Oppenheimer raised their price objective on Cardinal Infrastructure Group from $60.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, June 15th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cardinal Infrastructure Group currently has a consensus rating of “Hold” and an average target price of $59.33.

Cardinal Infrastructure Group Trading Down 3.1%

The firm has a 50-day moving average of $56.25.

Cardinal Infrastructure Group (NASDAQ:CDNL) last issued its quarterly earnings results on Monday, March 23rd. The company reported $1.98 EPS for the quarter. The company had revenue of $418.92 million for the quarter. Research analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Benjamin Wood purchased 20,000 shares of the stock in a transaction on Wednesday, May 27th. The stock was purchased at an average price of $51.30 per share, with a total value of $1,026,000.00. Following the completion of the transaction, the chief operating officer owned 20,000 shares in the company, valued at approximately $1,026,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ivy Zelman purchased 6,921 shares of the company’s stock in a transaction on Thursday, March 26th. The shares were purchased at an average price 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 ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 61.70% of the company’s stock.

Institutional Trading of Cardinal Infrastructure Group

A number of institutional investors have recently modified their holdings of CDNL. Kornitzer Capital Management Inc. KS acquired a new position in shares of Cardinal Infrastructure Group during the 4th quarter valued at $850,000. Taylor Frigon Capital Management LLC acquired a new stake in Cardinal Infrastructure Group in the 4th quarter valued at $1,209,000. AYAL Capital Advisors Ltd acquired a new stake in Cardinal Infrastructure Group in the 4th quarter valued at $2,278,000. Brant Point Investment Management LLC purchased a new position in Cardinal Infrastructure Group in the fourth quarter valued at about $2,490,000. Finally, TimesSquare Capital Management LLC purchased a new position in Cardinal Infrastructure Group in the fourth quarter valued at about $14,612,000.

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.