Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Price Down 5.8% – Here’s Why

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shares fell 5.8% during trading on Thursday . The company traded as low as $49.41 and last traded at $49.10. 309,700 shares were traded during trading, a decline of 16% from the average session volume of 367,781 shares. The stock had previously closed at $52.12.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Zacks Research lowered Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. DA Davidson boosted their price objective on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, February 19th. Stifel Nicolaus raised their target price on shares of 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, Weiss Ratings started coverage on shares of Cardinal Infrastructure Group in a research note on Monday, March 9th. They set a “sell (e)” rating on the stock. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cardinal Infrastructure Group has an average rating of “Hold” and a consensus target price of $49.00.

Cardinal Infrastructure Group Stock Performance

The company’s 50-day moving average is $45.13.

Cardinal Infrastructure Group (NASDAQ:CDNL) last released its quarterly earnings data on Monday, March 23rd. The company reported $1.98 EPS for the quarter. The business had revenue of $418.92 million for the quarter. On average, equities analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.99 earnings per share for the current fiscal year.

Insider Activity

In other Cardinal Infrastructure Group news, Director Ivy Zelman purchased 6,921 shares of the company’s stock in a transaction dated Thursday, March 26th. The shares were acquired at an average price of $36.33 per share, for a total transaction of $251,439.93. Following the purchase, the director directly owned 15,326 shares of the company’s stock, valued at $556,793.58. The trade was a 82.34% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 61.70% of the company’s stock.

Institutional Investors Weigh In On Cardinal Infrastructure Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDNL. Schonfeld Strategic Advisors LLC purchased a new position in shares of Cardinal Infrastructure Group in the fourth quarter worth $31,082,000. Ophir Asset Management Pty Ltd purchased a new position in Cardinal Infrastructure Group during the fourth quarter valued at $23,865,000. Wasatch Advisors LP bought a new stake in Cardinal Infrastructure Group in the 4th quarter valued at $16,539,000. Adage Capital Partners GP L.L.C. bought a new stake in Cardinal Infrastructure Group in the 4th quarter valued at $14,992,000. Finally, TimesSquare Capital Management LLC purchased a new stake in Cardinal Infrastructure Group in the 4th quarter worth $14,612,000.

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.