Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Falls 4.6% – Here’s Why

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price traded down 4.6% during mid-day trading on Tuesday. The stock traded as low as $15.01 and last traded at $15.1360. 61,017 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 591,765 shares. The stock had previously closed at $15.87.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Zacks Research lowered Cardinal Infrastructure Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. Weiss Ratings downgraded shares of Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Stifel Nicolaus reduced their price target on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Oppenheimer reduced their price target on shares of Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. Finally, Truist Financial decreased their price objective on shares of Cardinal Infrastructure Group from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Monday. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.75.

Cardinal Infrastructure Group Stock Performance

The company has a debt-to-equity ratio of 0.32, a current ratio of 3.59 and a quick ratio of 3.59. The firm’s fifty day simple moving average is $31.36 and its 200 day simple moving average is $50.51.

Cardinal Infrastructure Group (NASDAQ:CDNL) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.22). The business had revenue of $226.93 million during the quarter. Sell-side analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.76 earnings per share for the current year.

Insider Transactions at Cardinal Infrastructure Group

In related news, Director Richard Bennett Wimmer bought 7,500 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were purchased at an average cost of $39.13 per share, with a total value of $293,475.00. Following the completion of the acquisition, the director directly owned 29,349 shares in the company, valued at approximately $1,148,426.37. The trade was a 34.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Benjamin Wood bought 25,700 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average cost of $39.48 per share, for a total transaction of $1,014,636.00. Following the completion of the acquisition, the chief operating officer owned 45,700 shares of the company’s stock, valued at $1,804,236. This trade represents a 128.50% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have bought 214,597 shares of company stock valued at $8,285,516. 61.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Cardinal Infrastructure Group

Several hedge funds have recently bought and sold shares of CDNL. Kings Path Partners LLC acquired a new stake in shares of Cardinal Infrastructure Group during the 3rd quarter worth approximately $319,000. Round Rock Advisors LLC increased its holdings in shares of Cardinal Infrastructure Group by 18.7% during the 2nd quarter. Round Rock Advisors LLC now owns 22,438 shares of the company’s stock valued at $2,114,000 after purchasing an additional 3,541 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Cardinal Infrastructure Group during the 2nd quarter valued at approximately $14,687,000. Ranger Investment Management L.P. acquired a new position in shares of Cardinal Infrastructure Group in the 2nd quarter valued at $11,768,000. Finally, Bank of America Corp DE lifted its stake in shares of Cardinal Infrastructure Group by 139.4% in the 1st quarter. Bank of America Corp DE now owns 125,804 shares of the company’s stock valued at $4,989,000 after purchasing an additional 73,259 shares during the period.

About Cardinal Infrastructure Group

Cardinal Infrastructure Group, Inc is an infrastructure services company focused on the construction, installation and maintenance of essential utility and communications infrastructure. Its activities are centered on supporting the development and upkeep of networks that enable electric, telecommunications and other infrastructure services.

The company’s operations may include underground utility construction, directional drilling, excavation, conduit and cable installation, and related field services for infrastructure owners, utilities and communications providers.