Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Down 10.7% – Time to Sell?

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shares were down 10.7% during mid-day trading on Tuesday. The stock traded as low as $19.36 and last traded at $18.6770. 258,472 shares were traded during trading, a decline of 53% from the average daily volume of 554,390 shares. The stock had previously closed at $20.92.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Stifel Nicolaus reduced their target price 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 lowered their price target on shares of Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Zacks Research cut shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Truist Financial assumed coverage on Cardinal Infrastructure Group in a report on Friday, September 25th. They set a “buy” rating and a $40.00 target price on the stock. Finally, Weiss Ratings cut Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cardinal Infrastructure Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.25.

Cardinal Infrastructure Group Price Performance

The firm has a market cap of $781.36 million and a price-to-earnings ratio of 29.93. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.32. The stock’s fifty day moving average price is $35.06 and its 200-day moving average price is $51.36.

Cardinal Infrastructure Group (NASDAQ:CDNL) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The company had revenue of $226.93 million during the quarter. As a group, equities research analysts forecast that Cardinal Infrastructure Group Inc. will post 1.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Cardinal Infrastructure Group

In related news, Director Richard Bennett Wimmer purchased 7,500 shares of Cardinal Infrastructure Group stock in a transaction dated Monday, August 17th. The shares were acquired at an average cost of $39.13 per share, with a total value of $293,475.00. Following the purchase, the director owned 29,349 shares of the company’s stock, valued at approximately $1,148,426.37. The trade was a 34.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Leon Wood acquired 51,400 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was bought at an average price of $39.36 per share, for a total transaction of $2,023,104.00. Following the completion of the acquisition, the director owned 51,400 shares in the company, valued at approximately $2,023,104. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders acquired 214,597 shares of company stock valued at $8,285,516. 61.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cardinal Infrastructure Group

Institutional investors and hedge funds have recently modified their holdings of the company. Conversant Capital LLC purchased a new position in shares of Cardinal Infrastructure Group during the first quarter worth about $18,702,000. Principal Financial Group Inc. lifted its stake in Cardinal Infrastructure Group by 198.8% in the first quarter. Principal Financial Group Inc. now owns 428,263 shares of the company’s stock valued at $16,983,000 after buying an additional 284,918 shares during the last quarter. Engle Capital Management L.P. lifted its stake in Cardinal Infrastructure Group by 142.7% in 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. Wellington Management Group LLP purchased a new stake in Cardinal Infrastructure Group in the second quarter valued at approximately $14,687,000. Finally, Ranger Investment Management L.P. acquired a new stake in shares of Cardinal Infrastructure Group in the second quarter valued at approximately $11,768,000.

About Cardinal Infrastructure Group

Cardinal Infrastructure Group, Inc (NASDAQ: CDNL) is an infrastructure services company serving customers in the telecommunications and utility industries. The company focuses on the development, construction, installation and maintenance of infrastructure used to support communications networks and essential utility systems.

Its service offerings are centered on communications and utility infrastructure projects, including work associated with fiber-optic and other network deployments.