Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Price Down 15% – What’s Next?

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) fell 15% on Wednesday. The company traded as low as $13.54 and last traded at $13.3510. 787,977 shares traded hands during mid-day trading, an increase of 30% from the average daily volume of 607,790 shares. The stock had previously closed at $15.71.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CDNL. Oppenheimer reduced their price target on Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th. Zacks Research downgraded Cardinal Infrastructure Group from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. Stifel Nicolaus cut their price objective 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. Truist Financial cut their price objective on shares of Cardinal Infrastructure Group from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, October 19th. Finally, Weiss Ratings cut shares of Cardinal Infrastructure Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 23rd. Four equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, Cardinal Infrastructure Group currently has a consensus rating of “Hold” and a consensus price target of $46.75.

Cardinal Infrastructure Group Trading Down 6.9%

The firm has a market capitalization of $694.06 million and a P/E ratio of 26.80. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $26.76 and a 200-day moving average price of $43.30.

Cardinal Infrastructure Group (NASDAQ:CDNL) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.22). The company had revenue of $226.93 million during the quarter. 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 Ivy Zelman bought 12,647 shares of the company’s stock in a transaction on Friday, August 14th. The shares were purchased at an average cost of $39.61 per share, for a total transaction of $500,947.67. Following the acquisition, the director owned 32,891 shares of the company’s stock, valued at approximately $1,302,812.51. This represents a 62.47% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Leon Wood acquired 51,400 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was acquired at an average cost of $39.36 per share, for a total transaction of $2,023,104.00. Following the transaction, the director owned 51,400 shares of the company’s stock, valued at $2,023,104. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 214,597 shares of company stock valued at $8,285,516. 61.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Conversant Capital LLC bought a new position in Cardinal Infrastructure Group in the 1st quarter valued at about $18,702,000. Principal Financial Group Inc. increased its position in Cardinal Infrastructure Group by 198.8% during the first quarter. Principal Financial Group Inc. now owns 428,263 shares of the company’s stock worth $16,983,000 after acquiring an additional 284,918 shares during the period. Engle Capital Management L.P. increased its position in Cardinal Infrastructure Group by 142.7% during the first quarter. Engle Capital Management L.P. now owns 318,000 shares of the company’s stock worth $12,610,000 after acquiring an additional 187,000 shares during the period. Wellington Management Group LLP acquired a new stake in Cardinal Infrastructure Group in the 2nd quarter worth about $14,687,000. Finally, Ranger Investment Management L.P. acquired a new stake in Cardinal Infrastructure Group in the 2nd quarter worth about $11,768,000.

Cardinal Infrastructure Group Company Profile

Cardinal Infrastructure Group is a vertically integrated civil infrastructure and site development platform serving residential, commercial, industrial and municipal projects.

CDNL delivers its suite of comprehensive infrastructure services that support the planning, preparation, installation, and development of residential, commercial, industrial, municipal, and state infrastructure projects through wholly owned, market leading subsidiaries. Cardinal’s operations leverage in-house, highly skilled teams and equipment fleets 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.