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

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

Wall Street Analysts Forecast Growth

CDNL has been the topic of a number of research analyst reports. Weiss Ratings downgraded shares of Cardinal Infrastructure Group from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. Zacks Research cut shares of Cardinal Infrastructure Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. Oppenheimer reduced 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. Truist Financial decreased their price target 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, October 19th. Finally, Stifel Nicolaus lowered their price objective on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $46.75.

Cardinal Infrastructure Group Price Performance

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

Cardinal Infrastructure Group (NASDAQ:CDNL) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The business had revenue of $226.93 million for the quarter. As a group, analysts expect that Cardinal Infrastructure Group Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Transactions at Cardinal Infrastructure Group

In other news, Director Ivy Zelman purchased 12,647 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average price of $39.61 per share, with a total value of $500,947.67. Following the purchase, the director directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Benjamin Wood acquired 25,700 shares of the company’s stock in a transaction on Friday, August 14th. The shares were acquired at an average price of $39.48 per share, for a total transaction of $1,014,636.00. Following the completion of the acquisition, the chief operating officer directly owned 45,700 shares in the company, valued at $1,804,236. The trade was a 128.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 214,597 shares of company stock worth $8,285,516 over the last 90 days. 61.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cardinal Infrastructure Group

Several hedge funds and other institutional investors have recently modified their holdings of CDNL. California State Teachers Retirement System purchased a new position in Cardinal Infrastructure Group during the 1st quarter valued at about $28,000. Strs Ohio acquired a new position in shares of Cardinal Infrastructure Group in the 1st quarter valued at about $87,000. Round Rock Advisors LLC lifted its position in shares of Cardinal Infrastructure Group by 18.7% in the second quarter. Round Rock Advisors LLC now owns 22,438 shares of the company’s stock worth $2,114,000 after purchasing an additional 3,541 shares in the last quarter. Kornitzer Capital Management Inc. KS lifted its position in shares of Cardinal Infrastructure Group by 17.1% in the third quarter. Kornitzer Capital Management Inc. KS now owns 28,886 shares of the company’s stock worth $884,000 after purchasing an additional 4,222 shares in the last quarter. Finally, GatePass Capital LLC purchased a new stake in shares of Cardinal Infrastructure Group in the first quarter worth approximately $274,000.

About Cardinal Infrastructure Group

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.