Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Price Down 7.1% – Here’s What Happened

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price traded down 7.1% during trading on Wednesday . The stock traded as low as $70.09 and last traded at $70.43. 420,729 shares were traded during mid-day trading, a decline of 9% from the average session volume of 463,883 shares. The stock had previously closed at $75.85.

Analysts Set New Price Targets

Several brokerages recently issued reports on CDNL. Zacks Research upgraded shares of Cardinal Infrastructure Group from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 1st. Weiss Ratings raised Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Monday, June 1st. Stifel Nicolaus increased their target price on Cardinal Infrastructure Group from $41.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Finally, Oppenheimer raised their target price on Cardinal Infrastructure Group from $60.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.33.

Cardinal Infrastructure Group Price Performance

The company’s 50 day moving average is $63.80. The firm has a market capitalization of $2.97 billion and a price-to-earnings ratio of 300.38. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.73.

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

Insider Buying and Selling

In related news, COO Benjamin Wood bought 20,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were purchased at an average cost of $51.30 per share, with a total value of $1,026,000.00. Following the completion of the purchase, the chief operating officer owned 20,000 shares in the company, valued at approximately $1,026,000. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 61.70% of the company’s stock.

Institutional Trading of Cardinal Infrastructure Group

Institutional investors have recently bought and sold shares of the company. Bank of America Corp DE raised its holdings in Cardinal Infrastructure Group by 139.4% in the first quarter. Bank of America Corp DE now owns 125,804 shares of the company’s stock worth $4,989,000 after buying an additional 73,259 shares during the last quarter. California State Teachers Retirement System purchased a new stake in shares of Cardinal Infrastructure Group during the first quarter valued at approximately $28,000. Engle Capital Management L.P. grew its holdings in shares of 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 valued at $12,610,000 after buying an additional 187,000 shares during the last quarter. Conversant Capital LLC bought a new position in shares of Cardinal Infrastructure Group during the first quarter valued at $18,702,000. Finally, Granahan Investment Management LLC purchased a new stake in shares of Cardinal Infrastructure Group during the first quarter valued at $3,270,000.

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.