Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Moved Down to Strong Sell by Zacks Research

Zacks Research downgraded shares of Cardinal Infrastructure Group (NASDAQ:CDNL) from a hold rating to a strong sell rating in a research note released on Thursday,Zacks reports.

CDNL has been the topic of several other research reports. Oppenheimer cut their target price on Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Stifel Nicolaus decreased 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 note on Wednesday, August 12th. 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. Finally, Truist Financial began coverage on shares of Cardinal Infrastructure Group in a research report on Friday, September 25th. They issued a “buy” rating and a $40.00 price objective on the stock. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $49.25.

Cardinal Infrastructure Group Stock Down 8.2%

Shares of CDNL stock traded down $1.30 during trading hours on Thursday, hitting $14.62. 3,004,144 shares of the company were exchanged, compared to its average volume of 1,023,889. Cardinal Infrastructure Group has a 52 week low of $14.09 and a 52 week high of $96.40. 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 business has a 50 day moving average of $33.13 and a two-hundred day moving average of $50.96. The company has a market capitalization of $694.01 million and a PE ratio of 26.58.

Cardinal Infrastructure Group (NASDAQ:CDNL) last posted its quarterly earnings data 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 for the quarter. Analysts anticipate that Cardinal Infrastructure Group will post 1.76 earnings per share for the current fiscal year.

Insider Activity at Cardinal Infrastructure Group

In other news, Director Richard Bennett Wimmer bought 7,500 shares of the stock in a transaction dated Monday, August 17th. The shares were bought at an average price of $39.13 per share, for a total transaction of $293,475.00. Following the completion of the purchase, the director owned 29,349 shares in the company, valued at approximately $1,148,426.37. This trade represents a 34.33% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeremy Spivey bought 83,350 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were purchased at an average cost of $38.41 per share, with a total value of $3,201,473.50. Following the acquisition, the chief executive officer directly owned 83,350 shares of the company’s stock, valued at approximately $3,201,473.50. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have purchased 214,597 shares of company stock valued at $8,285,516. Insiders own 61.70% of the company’s stock.

Institutional Trading of Cardinal Infrastructure Group

Institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC bought a new stake in shares of Cardinal Infrastructure Group during the 1st quarter valued at approximately $2,704,000. Bank of America Corp DE boosted its position 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 valued at $4,989,000 after buying an additional 73,259 shares in the last quarter. Ranger Investment Management L.P. acquired a new stake in Cardinal Infrastructure Group in the second quarter valued at approximately $11,768,000. Principal Financial Group Inc. grew its stake in shares of 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 buying an additional 284,918 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of Cardinal Infrastructure Group during the second quarter worth $14,687,000.

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.