Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Gap Down – Here’s Why

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shares gapped down prior to trading on Tuesday . The stock had previously closed at $79.10, but opened at $70.28. Cardinal Infrastructure Group shares last traded at $77.9110, with a volume of 63,246 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CDNL. Stifel Nicolaus boosted their price objective on shares of Cardinal Infrastructure Group from $41.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Weiss Ratings raised shares of Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Monday, June 1st. Oppenheimer lifted their price target on shares of Cardinal Infrastructure Group from $60.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, June 15th. Finally, Zacks Research lowered Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $59.33.

Cardinal Infrastructure Group Stock Down 3.1%

The stock’s fifty day simple moving average is $56.25.

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

Insider Transactions at Cardinal Infrastructure Group

In other Cardinal Infrastructure Group news, Director Ivy Zelman purchased 6,921 shares of Cardinal Infrastructure Group stock in a transaction on Thursday, March 26th. The shares were bought at an average price of $36.33 per share, with a total value of $251,439.93. Following the completion of the acquisition, the director directly owned 15,326 shares of the company’s stock, valued at approximately $556,793.58. This trade represents a 82.34% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Benjamin Wood purchased 20,000 shares of the stock in a transaction dated Wednesday, May 27th. The stock was acquired at an average price of $51.30 per share, for a total transaction of $1,026,000.00. Following the completion of the transaction, the chief operating officer directly owned 20,000 shares of the company’s stock, valued at approximately $1,026,000. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 61.70% of the company’s stock.

Hedge Funds Weigh In On Cardinal Infrastructure Group

Several hedge funds have recently bought and sold shares of the stock. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Cardinal Infrastructure Group in the fourth quarter valued at $31,082,000. Ophir Asset Management Pty Ltd acquired a new position in Cardinal Infrastructure Group in the 4th quarter valued at about $23,865,000. Wasatch Advisors LP raised its stake in Cardinal Infrastructure Group by 1.3% in the 1st quarter. Wasatch Advisors LP now owns 693,050 shares of the company’s stock valued at $27,483,000 after purchasing an additional 9,064 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Cardinal Infrastructure Group in the 4th quarter valued at about $14,992,000. Finally, TimesSquare Capital Management LLC purchased a new position in Cardinal Infrastructure Group in the 4th quarter valued at about $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.